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PSU Privatization / Strategic Disinvestment

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ashbhee
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PSU Privatization / Strategic Disinvestment

Postby ashbhee » 29 Sep 2016 07:20

It looks like after a long hiatus government is restarting disinvestment process.

Thread to discuss the ongoing disinvestment process.

http://timesofindia.indiatimes.com/busi ... 574623.cms


The Centre on Wednesday approved a strategic sale in loss-making Bharat Pumps and Compressors Limited.

The overall target from disinvestment is estimated at Rs 56,500 crore which is lower than the previous year's target of Rs 69,500 crore.


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Re: PSU Privatization / Strategic Disinvestment

Postby ashbhee » 29 Sep 2016 08:57

http://timesofindia.indiatimes.com/busi ... 531782.cms



  • Govt to shut down 15 loss-making PSUs
  • Sources told TOI that there were another half-a-dozen sick public sector companies, which had been identified by NITI Aayog
  • Out of 74, the Aayog had suggested status quo in case of two PSUs, strategic disinvestment of 10, plan for revival with option for strategic disinvestment for 22, transfer of ownership of six, merger of three, long term lease of five and closure of 26.


ashbhee
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Re: PSU Privatization / Strategic Disinvestment

Postby ashbhee » 02 Oct 2016 00:37

The following PSU to be shut down in one go

Bird Jute and Exports,
Hindustan Papers,
Hindustan Photo Films,
Tyre Corporation and Richardson & Cruddas.

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Re: PSU Privatization / Strategic Disinvestment

Postby GShankar » 02 Oct 2016 00:50

Sad to see HPF go. Been there for industrial training. Different story that it was less training but more fun. Came to know from the engineers who worked there how PC destroyed this company by opening an HPF unit in chennai and proving the concept of air-conditioned photo film factory for the first time in India. Per what was said, very soon private players opened their own based on this elsewhere in the country.

Still have those INDU cassettes and films.

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Re: PSU Privatization / Strategic Disinvestment

Postby Suraj » 04 Oct 2016 06:22

Well, even the venerable Kodak is (almost) dead. HPF was in a line of business that's almost obsolete.

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Re: PSU Privatization / Strategic Disinvestment

Postby GShankar » 04 Oct 2016 08:40

HPF has been a sick unit for the last 20 years or more. Not sure if some other strategy has been made and dropped without implementation.

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Re: PSU Privatization / Strategic Disinvestment

Postby ashbhee » 10 Oct 2016 06:01

http://www.firstpost.com/business/strat ... 26214.html


* What about the bloated white elephants like Air India, BSNL and MTNL which continue to bleed but get funded by the exchequer anyway?
* Just three PSUs accounted for over two-thirds of the total losses incurred by the CPSEs in that year - BSNL, Air India and MTNL.
* The top ten loss making companies claimed 85.45 percent of the total losses made by all the (77) CPSEs during the year.
* The Niti Aayog has included Air India in a list of 22 PSUs where revival will have to happen before any value can be realised through disinvestment.


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Re: PSU Privatization / Strategic Disinvestment

Postby Yagnasri » 10 Oct 2016 10:00

GShankar wrote:HPF has been a sick unit for the last 20 years or more. Not sure if some other strategy has been made and dropped without implementation.


In my earlier assignment with a PSU bank I was looking after this account. The account was kept alive as there is no will to decide otherwise. Now I understand GOI has allowed the winding up of the company and secured creditors will take over and sell the assets secured to them to recover some amounts. There are other PSU units which default even in interest payment and GOI supports them regularly. It is good that decisions are being taken to get rid of these loss making units finally.

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Re: PSU Privatization / Strategic Disinvestment

Postby GShankar » 10 Oct 2016 10:19

Thanks for the details. It is sad to see this go due to personal connections. Could have been made into a "flash storage device" company. All this reduced to another day, another news. Some good and some bad.

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Re: PSU Privatization / Strategic Disinvestment

Postby Yagnasri » 10 Oct 2016 13:59

In one of the meetings their staff told everyone present how they were made a failure and it felt very bad. Now their immovable assets will be sold and amounts will be paid to the lenders.

ashbhee
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Re: PSU Privatization / Strategic Disinvestment

Postby ashbhee » 17 Oct 2016 00:56

Yagnasri wrote:
GShankar wrote:HPF has been a sick unit for the last 20 years or more. Not sure if some other strategy has been made and dropped without implementation.


In my earlier assignment with a PSU bank I was looking after this account. The account was kept alive as there is no will to decide otherwise. Now I understand GOI has allowed the winding up of the company and secured creditors will take over and sell the assets secured to them to recover some amounts. There are other PSU units which default even in interest payment and GOI supports them regularly. It is good that decisions are being taken to get rid of these loss making units finally.


We should not lament over closing of HPF or any other PSUs. There is something called the lost-opportunity factor that is not easy quantifiable. If HPF was a private company, who knows they could have reinvented themselves as a Digital photo company. As PSU, with all the corruption, Red tape this was impossible.

This is also the reason all the absolutely non-essential PSUs should be privatized ASAP.

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Re: PSU Privatization / Strategic Disinvestment

Postby GShankar » 17 Oct 2016 03:45

ashbhee wrote:
Yagnasri wrote:
In my earlier assignment with a PSU bank I was looking after this account. The account was kept alive as there is no will to decide otherwise. Now I understand GOI has allowed the winding up of the company and secured creditors will take over and sell the assets secured to them to recover some amounts. There are other PSU units which default even in interest payment and GOI supports them regularly. It is good that decisions are being taken to get rid of these loss making units finally.


We should not lament over closing of HPF or any other PSUs. There is something called the lost-opportunity factor that is not easy quantifiable. If HPF was a private company, who knows they could have reinvented themselves as a Digital photo company. As PSU, with all the corruption, Red tape this was impossible.

This is also the reason all the absolutely non-essential PSUs should be privatized ASAP.


Corruption is a much bigger danger than red tape. So many private companies that has taken govt. money including loans from nationalized banks and failed big time.

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Re: PSU Privatization / Strategic Disinvestment

Postby ashbhee » 19 Oct 2016 21:57

http://timesofindia.indiatimes.com/busi ... 941794.cms


* Govt to offload 15% in NBCC tomorrow, targets Rs 2,200 crore
* The Offer would open at 0915 hours on Thursday.
*The Cabinet had in July this year cleared disinvestment in the project management consultancy and real estate development company.


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Re: PSU Privatization / Strategic Disinvestment

Postby rahulm » 09 Jul 2017 10:08

Air India break-up an option as PM Modi pushes for sale

Air India — founded in the 1930s and known to generations of Indians for its Maharajah mascot — is saddled with a debt burden of $8.5 billion and a bloated cost structure. The government has injected $3.6 billion since 2012 to bail out the airline.



deadline of early next year to get the sale process underway


labour union that represents 2,500 of the airline's 40,000 employees has opposed the idea of a sale even though it is ideologically aligned to Modi's Bharatiya Janata Party.

Officials who have to make it happen are grappling with the sheer scale of the exercise. Air India has six subsidiaries - three of which are loss-making - with assets worth about $4.6 billion. It has an estimated $1.24 billion worth of real estate, including two hotels, where ownership is split among various government entities.

No one has properly valued the company's various businesses and assets before, two officials with direct knowledge of the process said. Earlier this month, about $30 million worth of art, including paintings by artist M. F. Husain, went missing from its Mumbai offices, chairman Ashwani Lohani said.



officials in Modi's office and from the civil aviation ministry met Ratan Tata, the patriarch of the $100 billion-a-year Tata Sons, to gauge the company's interest in a deal, a close aide to Modi said.


"Let us be realistic. It's very clear that a single buyer cannot buy an entire state-owned company," said a senior aviation ministry official involved in the process.

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Re: PSU Privatization / Strategic Disinvestment

Postby rahulm » 09 Jul 2017 10:42

Image

Isn't the 13% AI market share also due to PP's policy of deliberately hobbling AI to favour private carriers ? AI had no freedom to dynamically set its prices and was always outpriced by the private players.

The airline and service suck but the food is still the best.No other airline serves mini vada,mini idli and mini desa/uthappam with chutney and sambar in the same meal.

How much is Air India really worth? Investment bankers weigh in

To turn around an old legacy airline that has never made a profit is a challenging job even for the smartest owners… unless given a free hand to make changes, the airline is untouchable,” says Nirmalya Kumar, a former senior executive with the Tatas and now a professor at Singapore Management University and INSEAD Emerging Markets Institute.


While NITI Aayog is taking the lead, says an investment banker who has started doing the rounds of government offices to get a sense of what the government wants, the Department of Investment and Public Asset Management (DIPAM) is still wearing the protectionist hat. There is no dearth of opinions on Air India.


Air India is not listed and has not published its annual report for the last two financial years.
I thought it was mandatory for PSU's to publish annual reports.

The debt on the books is another story — or may be the real one — taken on to acquire planes, often carrying a sovereign guarantee from the Government of India. If privatised, the guarantees will have to be replaced with bank guarantees. Bhasin of Ambit estimates that at least half of the debt or around Rs. 25,000 crore is working capital-related, so the government will have to find a way of retiring the remaining debt off its books.


Among the subsidiaries, there are highly profitable ones like Air India Express. Also, Air India enjoys a near-monopoly in ground handling as Indian rules allow only three players in each airport and AI is one among the three in every airport in India.


Image

there is so much disconnect between the lean and low-cost, single aircraft operations of Indigo and Air India’s configuration that the Indigo stock tanked 6% on June 30, after it announced its interest. Indigo promoters did an analyst call on Thursday to allay fears.

:rotfl:

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Re: PSU Privatization / Strategic Disinvestment

Postby ArjunPandit » 21 Mar 2018 08:06

HAL IPO was marginally undersubscribed
Investor category, % subcsribed
QIB: 1.7
NII:0.03
Retail:0.39
Employees:0.21
Total: 0.99

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Re: PSU Privatization / Strategic Disinvestment

Postby JayS » 21 Mar 2018 08:46

^^LIC saved face in HAL's case I suppose. Otherwise very tepid response. BDL fared slightly better.

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Re: PSU Privatization / Strategic Disinvestment

Postby ArjunPandit » 21 Mar 2018 09:35

JayS wrote:^^LIC saved face in HAL's case I suppose. Otherwise very tepid response. BDL fared slightly better.

This is a perfect example of a lie repeated 1000 times becomes the truth. HAL has fairly robust book of LCA and ALH. With that kind of order book no noise around it, compared that to ICICI sec. Dont think it can produce that much value to Indian economy.

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Re: PSU Privatization / Strategic Disinvestment

Postby jaysimha » 21 Mar 2018 10:09

http://heavyindustry.gov.in/writereaddata/UploadFile/SIL%20Tender%20notice2018636568215053127581.pdf

GLOBAL INVITATION FOR EXPRESSION OF INTEREST FOR PROPOSED STRATEGIC DISINVESTMENT OF 93.74%
SHAREHOLDING HELD BY THE PRESIDENT OF INDIA IN SCOOTERS INDIA LIMITED (“SIL” OR “COMPANY”) BY
GOVERNMENT OF INDIA

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Re: PSU Privatization / Strategic Disinvestment

Postby jaysimha » 21 Mar 2018 10:44

https://mohfw.gov.in/sites/default/file ... %20HLL.pdf

MINISTRY OF HEALTH & FAMILY WELFARE
The Government of India (GoI) is considering strategic disinvestment of 100% of its equity in HLL Lifecare Ltd.

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Re: PSU Privatization / Strategic Disinvestment

Postby JayS » 21 Mar 2018 18:38

ArjunPandit wrote:
JayS wrote:^^LIC saved face in HAL's case I suppose. Otherwise very tepid response. BDL fared slightly better.

This is a perfect example of a lie repeated 1000 times becomes the truth. HAL has fairly robust book of LCA and ALH. With that kind of order book no noise around it, compared that to ICICI sec. Dont think it can produce that much value to Indian economy.


Bean counter mentality rules share market. As a buyer, there is little reason to subscribe to HAL/BDL/MIDHANI OFS. Market is significantly negative currently and there is no real hurry to get shares of these companies as they are not runaway stocks. In all probability the stocks will drop post listing.

On order side, HAL is not on a great footing to be honest. There is significant uncertainties involved on incoming orders, especially on the time lines. Everything is still based on MoD wishes and whims. Only 3yrs worth order book as of now. That's not great for A&D company,

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Re: PSU Privatization / Strategic Disinvestment

Postby ArjunPandit » 21 Mar 2018 19:52

^^not sure why you say HAL is not on firm footing on orders side it has 83 MK1, 114 LCH,
Possibility of
40 Su 30 MKI+
200 Mk2
Su 30 MLU/SS update
PAKFA
How well does it compare to Dassault?

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Re: PSU Privatization / Strategic Disinvestment

Postby JayS » 21 Mar 2018 20:23

ArjunPandit wrote:^^not sure why you say HAL is not on firm footing on orders side it has 83 MK1, 114 LCH,
Possibility of
40 Su 30 MKI+
200 Mk2
Su 30 MLU/SS update
PAKFA
How well does it compare to Dassault?


None of those orders are actually on HAL books. That's what matters. Can anyone give any timeline on any of the above orders..? many of them are eminent but can anyone say evenly roughly, when..? It could take one year, it could take one decade. Not even the 83 LCA are on order as of today. Possibilities don't bring profits on balance sheet.

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Re: PSU Privatization / Strategic Disinvestment

Postby ashbhee » 21 Mar 2018 23:23

Instead of making a list of what PSUs to disinvest, govt should make a very small list of what PSUs to keep. for e.g. research organizations like ISRO, parts of DRDO, NPCIL etc.. . Everything else should go.

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Re: PSU Privatization / Strategic Disinvestment

Postby nam » 22 Mar 2018 00:13

The funny thing about HAL & BD IPO is that the promoter is the largest client :rotfl:

Talk about conflict on interest!

It is in the promoter's interest to keep the share price up, by telling the biggest client .. to place more orders!

This could also pour water on plans to give orders to private entities like TASL.

Also on Air India's debt. There is so much hoo ha about bank NPAs by industries and Niravs & Mallya.. not a peep about Air India looting the banks of 54 K crores!

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Re: PSU Privatization / Strategic Disinvestment

Postby ArjunPandit » 22 Mar 2018 00:55

JayS wrote:It could take one year, it could take one decade. Not even the 83 LCA are on order as of today. Possibilities don't bring profits on balance sheet.

certainly they dont, but surprises do bring dislocations to stock prices. My point was simple, the kind of exuberence seen on other stocks is completely lacking in the case of HAL. Undersubscribing and that too by LIC speaks volumes of negativity. Let's replace HAL with TASL or reliance, for a theoretical exercise, and then the market reaction would have been different. While i can't run champion challenger, in this particular case, however, we both know it would have been a different situation for the reporters would have been given a good dekko at RIL/TASL facilities in some pvt plane or even that plane too. Of course, the analysts are independent only

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Re: PSU Privatization / Strategic Disinvestment

Postby Suraj » 22 Mar 2018 01:28

The HAL IPO was *oversubscribed* 1.7x by institutional investors. It was undersubscribed by retail investors. LIC is the largest institutional investor.
HAL IPO report
As of 7 pm, the portion of shares reserved for institutional investors in the HAL IPO saw a subscription of 1.73 times or 173%, while those kept aside for retail investors and high net-worth individuals (HNIs) were subscribed to the extent of 38% and 3%, respectively.

HAL had set a price band of Rs1,215-1,240 per share for the public offering.

HAL’s IPO is a pure secondary offering, where the government of India is selling a total of 34.10 million shares, representing a 10.2% stake in the company.

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Re: PSU Privatization / Strategic Disinvestment

Postby Kakkaji » 22 Mar 2018 06:32

3,000 crores from LIC alone. The issue was bailed out by LIC

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Re: PSU Privatization / Strategic Disinvestment

Postby Suraj » 22 Mar 2018 12:26

LIC isn't 'bailing out' anyone. They have an asset base of almost 2.5 lakh crore (~$340 billion). They are and for quite some time have been the largest institutional investor, because their AUM is so huge and they can deploy so much into any new offering.

As for promoter being largest client due to both being majority state owned, well that trite observation can be said of many things can't they ? "oh look govt is paying itself to fly on its own planes", "oh look govt is paying itself to dig coal to sell to itself to produce electricity"... the possibilities of the jokes are endless. We have a lot of PSUs and state owned entities. A lot of activity is passing money between them. But so what ? LIC assets are our own policies for which we are paying in premiums. A really tiny fraction of your last LIC premium just went to buy HAL shares...

Why are people bothered by one of the largest institutional investors in the world (LIC is bigger than CalPERS, the biggest pension fund in the US, and a major institutional investor) being a dominant stakeholder ? Look up how much most western equity markets are 'bailed out' by big institutional investors . Heck, look up individual stocks if you want. 86% of Apple stock is held by institutional investors. Microsoft ? Google ? Facebook ? Amazon ? All over 80%. Over 80% of most major equity indices (the whole market, i.e. S&P500) is held by institutional investors, not idealized little retail investors, who are just chota fry.

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Re: PSU Privatization / Strategic Disinvestment

Postby Kakkaji » 22 Mar 2018 21:32

^^True

LIC, being a long-term investor, and often a good market timer, usually ends up getting good returns for its policyholders on their holdings in PSU stocks. They are the defacto market-makers for the PSU stocks. One should track them when selling PSU stocks.

All the same, I was hoping for more retail participation in the HAL IPO. Widespread ownership of HAL stock may just get the aam janata more interested in HAL's activities and more favorably inclined towards HAL.

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Re: PSU Privatization / Strategic Disinvestment

Postby Suraj » 23 Mar 2018 02:17

Retail investors count for very little in terms of market driven impetus on a company . Their individual voting shares are negligible. Large institutional investors, and other activist investors from major funds are the ones that push for access to boards to effect change. But in this case, the new float is too small to matter anyway, and GoI remains the major stakeholder before and after.

Dhirubhai Ambani's efforts have idealized the notion of large retail participation in equities, but the honest reality is that you or I with a SIP with some mutual fund company are nothing when it comes to the market at large, and of very little consequence to any company's behavior - PSU or not. If HAL becomes the hot stock tip one day, they'll all pile into it too. BRF's mindset predisposes us to think the idea of retail participation is a patriotic act. But this is an unnecessary dependency. If HAL does well and its stock goes up, it'll get plenty of retail interest.

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Re: PSU Privatization / Strategic Disinvestment

Postby ArjunPandit » 24 Mar 2018 01:31

BDL listed and tanked 15% on day 1, due to global cues

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Re: PSU Privatization / Strategic Disinvestment

Postby Suraj » 24 Mar 2018 02:17

Markets are down everywhere due to the trade war . Nothing to do with HAL or BDL.

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Re: PSU Privatization / Strategic Disinvestment

Postby Viv S » 24 Mar 2018 05:01

Suraj wrote:LIC isn't 'bailing out' anyone. They have an asset base of almost 2.5 lakh crore (~$340 billion).

I think you mean 25 lakh crore.

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Re: PSU Privatization / Strategic Disinvestment

Postby jaysimha » 10 Apr 2018 10:11

https://www.sebi.gov.in/sebi_data/attachdocs/apr-2018/1522662290321.pdf

MAZAGON DOCK SHIPBUILDERS LIMITED
DRAFT RED HERRING PROSPECTUS
Dated March 28, 2018


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Re: PSU Privatization / Strategic Disinvestment

Postby jaysimha » 16 Apr 2018 10:29

http://www.civilaviation.gov.in/sites/default/files/PawanHans_Global_Investment.pdf

GLOBAL INVITATION FOR EXPRESSION OF INTEREST FOR PROPOSED STRATEGIC
DISINVESTMENT OF 51% STAKE IN PAWAN HANS LIMITED (“PHL” OR “COMPANY”)
BY GOVERNMENT OF INDIA (GOI)

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Re: PSU Privatization / Strategic Disinvestment

Postby jaysimha » 19 Apr 2018 12:55

EXPRESSION OF INTEREST
For PROPOSED STRATEGIC DISINVESTMENT OF
100% SHAREHOLDING OF BPCL,
HELD BY THE President of India

http://www.dipam.gov.in/sites/default/files/Advertisement_0.pdf?download=1

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Re: PSU Privatization / Strategic Disinvestment

Postby jaysimha » 19 Apr 2018 12:56

STEEL AUTHORITY OF INDIA LIMITED
GLOBAL INVITATION FOR EXPRESSION OF INTEREST (EOI) FOR PROPOSED STRATEGIC
DISINVESTMENT OF ALLOY STEELS PLANT AT DURGAPUR BY STEEL AUTHORITY OF
INDIA LIMITED
http://dipam.gov.in/sites/default/files/ASP_Notice%20for%20Extension%20of%20EOI%20submission%20date.pdf?download=1


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