New Delhi, May 5
The government’s disinvestment plan for IDBI Bank, as part of the broader strategy to monetise assets through stake sales during the current financial year, is progressing in accordance with the normal schedule, the Department of Investment and Public Asset Management Secretary Arunish Chawla has said.
"The focus remains on steady execution and long-term value creation, even as global economic conditions remain uncertain," Chawla told in an exclusive interview.
The Centre and the Life Insurance Corporation of India (LIC) plan to jointly offload a 60.72 per cent stake in IDBI Bank, which comprises 30.48 per cent held by the government and a 30.24 per cent share by the insurance giant.
Chawla said that the government aims to meet regulatory norms through structured divestments in public sector banks and central public sector enterprises.
He also said efforts to monetise land and infrastructure assets of MTNL were continuing and confirmed that a flexible approach was being adopted to meet minimum public shareholding targets.
Chawla said that asset sales will be carried out in a phased and market-sensitive manner. He noted that multiple bids have already come in for key transactions, including public sector bank stake sales, and that due diligence is progressing on the IDBI Bank transaction.