Selloffs in Air India, BPCL, Concor unlikely by March

MUMBAI: In what can potentially hurt the fiscal math for the ongoing financial year, a senior government official said strategic divestments in Air India, BPCL and Container Corporation are “unlikely” to be completed in FY20. Work on all these companies is on and the process is facing delays due to “surprises” encountered once the wheels have begun moving, the official from the department of investment and public asset management (Dipam) said.
The ministry has budgeted to garner Rs 1.05 lakh crore from divestments this fiscal. The government has already breached the budgeted fiscal deficit gap and the extent of the gap stands at 115% with four months to go. The official declined to comment on the impact of such events on the fiscal math.
When asked if the strategic divestment in Bharat Petroleum Corporation (BPCL) — which can alone fetch the government over Rs 60,000 crore if it were to sell its entire 53% stake — will be completed this fiscal, the official said, “Unlikely.”