New Delhi: The government may involve state-run developers like NBCC (India) Ltd., in the initial round of bidding, to get the maximum value out of the sale of sick and loss-making public sector undertakings (PSUs). failed to generate.
According to a plan shared by government officials close to the development, redevelopment of non-core assets, including land and buildings of several vulnerable PSUs, to specialized state-run agencies to realize higher value or for sale through a bidding process can be handed over.
The redeveloped land can be leased to investors while the ownership of plant and machinery can be completely transferred. The plan is to form a unit on land management agency which could be in the shape of a Special Purpose Vehicle (SPV) with the participation of experienced companies like NBCC. Cabinet approval can be taken for such an agency. The new measure is expected to end almost the impasse in disinvestment of weak PSUs, including strategic sale plans.
Sources said the Department of Investment and Public Asset Management (DIPAM) has drawn up strategic sale plans in over three dozen PSUs including Air India, Air India’s subsidiary AIATSL, Dredging Corporation, BEML, Scooters India, Bharat Pumps Compressor, Is. and Bhadravati, Salem and Durgapur units of major steel company SAIL.