New Delhi: After an almost two-decade delay, the government's CPSE privatisation initiative got off to a flying start with Tata Group's purchase of the debt-ridden national carrier Air India.
With the new owner paying Rs 18,000 crore for the purchase of 'Maharaja,' it will be the highest amount ever obtained through privatisation or even the total amount obtained through strategic sale from 1999-00 to 2003-04.
During the five-year period, the government received around Rs 5,000 crore from the privatisation of ten CPSEs. In addition, three Hotel Corporation of India assets and 18 ITDC buildings were sold in a slump sale. Also Read: Tata buys Air India: What will happen to AI employees after acquisition? Check here
Here is a timeline of strategic sale of central public sector enterprises (CPSEs) to private entities between 1999-00 to 2003-04.
1999-00: Modern Food Industries Ltd Rs 105 cr
2000-01: BALCO , Lagan Jute Machinery Co Ltd Rs 554 cr
2001-02: VSNL, Computer Maintenance Corporation (CMC), Hindustan Teleprinters Ltd (HTL), Paradeep Phosphate Ltd (PPL), some hotel properties of HCI and ITDC ? Rs 2,089 crore
2002-03: Hindustan Zinc Ltd (HZL), Indian Petrochemicals Corporation (IPCL), some ITDC hotel properties Rs 2,335 cr
2003-04: HZL, Jessop & Co Rs 342 cr
The government has also sold majority ownership in a number of CPSEs to other public sector enterprises in the same industry.
#mute
