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Home / Companies / News /  Govt to sell stakes in Bhel, 2 others next


GOVT TO SELL STAKES IN BHEL, 2 OTHERS NEXT

Premium Bhel accounts for 53% of India’s installed power generation capacity in
the conventional space, producing the entire range of power plant equipment
ranging from thermal, gas, hydro and nuclear power projects. 2 min read .
Updated: 08 Feb 2021, 05:50 AM IST Utpal Bhaskar

The stake sales in Bhel, Mecon and Andrew Yule will bolster the government’s
efforts to raise funds via asset sales for the next fiscal and overcome the
tepid progress made so far this year

Read Full Story


India may consider Bharat Heavy Electricals Ltd (Bhel), Mecon Ltd and Andrew
Yule and Co. Ltd among candidates for the next round of disinvestment pick, said
two people aware of the development, requesting anonymity.



SBI Capital Markets Ltd, the adviser to the proposed stake sale in Bhel,
recently submitted its report to the department of investment and public asset
management (Dipam) on the plan. This will help the government’s thinking on
whether to proceed with the stake sale in India’s largest power equipment maker
and the amount of stake that would be sold.

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SBI Capital is also advising Dipam on the proposed stake sales in Mecon and
Andrew Yule. The department of heavy industry is the nodal ministry for both
Bhel and Andrew Yule, while Mecon falls under the steel ministry.



Also Read | Scarcity on high seas hurting India’s exports

The stake sales in the three companies will bolster the government’s efforts to
raise funds via asset sales for the next fiscal and overcome the tepid progress
made so far this year. The government hopes to garner ₹1.75 trillion from
disinvestment receipts next fiscal. It has been missing its disinvestment
targets, and of the ₹2.1 trillion disinvestment goal for this fiscal, it has
been able to raise just ₹15,220 crore as on 20 January, with key transactions
such as that of Air India Ltd and Bharat Petroleum Corp. Ltd (BPCL) pushed to
next year.

Presenting the Union budget, finance minister Nirmala Sitharaman announced
details of a new central public sector enterprise (CPSE) policy, paving the way
for consolidation of strategic state-run firms and privatization of
non-strategic ones. “The policy provides a clear road map for disinvestment in
all non-strategic and strategic sectors. We have kept four areas that are
strategic where bare minimum CPSEs (central public sector enterprises) will be
maintained and the rest privatized. In the remaining sectors, all CPSEs will be
privatized," Sitharaman said in her budget speech. “To fast forward the
disinvestment policy, I am asking NITI (Aayog) to work out on the next list of
CPSEs that would be taken up for strategic disinvestment," she said.

A Bhel spokesperson, in an emailed response, said, “As you would be aware, the
disinvestment exercise of any PSU is the prerogative of the government.
Accordingly, Dipam manages the process as mandated."

“To the best of our knowledge, there is no information on Bhel’s disinvestment
at this juncture," the spokesperson said.

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Queries emailed to the spokespersons of Dipam, ministries of finance and steel,
department of heavy industry, Mecon and Andrew Yule last Sunday remained
unanswered. A spokesperson for SBI Capital declined to comment.

The Centre holds a 63.17% stake in Bhel, one of the 10 Maharatna CPSEs. The rest
is held by financial institutions and banks, insurance firms, foreign holdings
and non-institutions.

Bhel accounts for 53% of India’s installed power generation capacity in the
conventional space, producing the entire range of power plant equipment ranging
from thermal, gas, hydro and nuclear power projects. With 16 manufacturing units
and around 33,500 staff, Bhel had orders worth ₹1.1 trillion as of September
quarter. In FY20, Bhel reported a loss of ₹1,473 crore.

Andrew Yule is present in diverse businesses such as tea, electrical,
engineering, lubricant and printing through three units—Hooghly Printing Co.
Ltd, Yule Electricals Ltd and Yule Engineering Ltd. Mecon is present in the
metals and mining space and has been working on diversification in sectors such
as energy, infrastructure, space and defence.


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