Finance Ministry's 2024 Disinvestment Triumphs: Key Milestones and Future Prospects

Closing out 2024, the Finance Ministry reports significant disinvestment successes via DIPAM. Sales of stakes in GIC Re, Cochin Shipyard, and Hindustan Zinc generated substantial funds, reducing government stakes. Initiatives underscore strategic asset monetization, fostering public sector efficiency, and supporting India's renewable energy goals with NTPC Green Energy's listing.

As 2024 concludes, the Finance Ministry has underscored notable successes in its disinvestment drive, championed by the Department of Investment and Public Asset Management (DIPAM). A highlight includes the sale of a 3.39% stake in GIC Re through an offer for sale (OFS), raising Rs 2,345.55 crore, as announced on the platform 'X'.

This sale marks a milestone, reducing the government's holding in GIC Re to 82.40%. The process, initiated on September 4, was overwhelmingly subscribed at 108.49% upon launch. To meet the demand, the Green Shoe option was utilized, allowing for additional shares to be offered. The transaction concluded by September 5.

Further successes include an OFS of Cochin Shipyard Limited's shares in October, which raised Rs 2,015.32 crore, and Hindustan Zinc Limited's shares, generating Rs 3,449.18 crore. Meanwhile, NTPC's subsidiary, NTPC Green Energy, was listed, bolstering renewable energy investments. Such measures align with the government's strategic objectives to enhance public sector efficiency and promote green energy.

(With inputs from agencies.)