DIPAM looks to appoint consultant for govt share sale in banks, insurance cos

As per the request for proposal (RFP), the job profile of the consultant would be to assist DIPAM in matters relating to the management of government equity in banks, insurance companies and financial institutions. The consultant may be required to prepare background reports on the above sectors and may be assigned other role depending upon the requirements of DIPAM, the RFP said.

The Department of Investment and Public Asset Management (DIPAM) is scouting for a consultant to assist it in the minority and strategic stake sales in banks and insurance companies. The consultant will be appointed for one year, which could be extended by 2 more years, and would be required to formulate proposals regarding issues to be taken up with regulatory or other agencies for the smooth working of DIPAM.

The consultant to be appointed will not be more than 65 years of age and should be an MBA in Finance or a Post Graduate in Economics or Commerce with 30 years of experience in banking, insurance and financial institutions. As per the request for proposal (RFP), the job profile of the consultant would be to assist DIPAM in matters relating to the management of government equity in banks, insurance companies and financial institutions.

The consultant may be required to prepare background reports on the above sectors and may be assigned other role depending upon the requirements of DIPAM, the RFP said. Experience in government accounting, government financial procedures and office procedures is desirable.

The consultant will have a fixed monthly stipend of up to Rs 1 lakh and applications for the post would have to be sent by December 4. The government has set a disinvestment target of Rs 2.10 lakh crore for current fiscal. Of this Rs 1.20 lakh crore is to come from CPSE stake sale and Rs 90,000 crore from stake sale in public sector banks and financial institutions.

DIPAM has already kickstarted the process of listing the country's largest insurance company LIC and has appointed SBI Caps and Deloitte as pre-IPO transaction advisor. Last week, it invited bids from actuarial firms who would be working out the embedded value of Life Insurance Corporation (LIC) ahead of its initial public offering (IPO).

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)