Lok Sabha Question No. 5902 (UNSTARRED), answered on 2026-03-30
Subject: Disinvestment of CPSEs
Ministry: FINANCE
Asked by: Dr. Amar Singh

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF INVESTMENT AND PUBLIC ASSET MANAGEMENT

## LOK SABHA UNSTARRED QUESTION NO. 5902

TO BE ANSWERED ON MONDAY, MARCH 30, 2026/CHAITRA 09, 1948 (SAKA)

## Disinvestment of CPSEs

## 5902. Dr. AMAR SINGH

Will the Minister of FINANCE be pleased to state:

- (a) the details of disinvestment transactions completed and those pending during the last three years, Central Public Sector Enterprise (CPSE) - wise; and
- (b) the number of CPSEs from which special dividends or surplus transfers were obtained during the last three years and the amount received from each?

## ANSWER

## THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI PANKAJ CHAUDHARY)

(a): Government  carries  out  disinvestment  through  (i)  Minority  Stake  Sale  and  (ii) Strategic  Disinvestment  of  CPSEs.  Minority  stake  sale  in  CPSEs  without  transfer  of management control is implemented through various SEBI-approved methods such as Initial Public Offer (IPO), Offer for Sale (OFS), Buyback of shares etc., in order to unlock the value, promote public ownership, meet the minimum public shareholding norms of SEBI and for ensuring higher degree of accountability. Strategic Disinvestment implies entire or substantial sale of Government shareholding of a CPSE along with transfer of management control.  Details of disinvestment through Minority Stake Sale and Strategic Disinvestment during the  period  FY  2022-23  to  FY  2025-26  are  given  at Annexure. Further, Disinvestment  is  an  ongoing  process,  and  execution/completion  of  specific  transactions hinges upon market conditions, domestic and global economic outlook, geopolitical factors, investor  interest  and  administrative  feasibility.  Given  the  market-sensitive  nature  of disinvestment transactions, drawing up timelines for disinvestment are not feasible.

(b): During the last three years, Telecommunications Consultants India Ltd (TCIL), a CPSE under D/o Telecommunications (DoT) has paid a special dividend to Government of India of Rs 3727.78 crore in FY 2024- 25 from the proceeds of disinvestment of 15% stake in Bharti Hexacom Ltd (BHL), a Joint Venture company of TCIL with Bharti Airtel Ltd. No other surplus transfers were obtained during the last three years.

***

Details of Disinvestment conducted during the period FY 2022-23 to FY 2025-26.

## A. Minority Stake Sale

## i. Initial Public Offer (IPO)

| Year    | CPSE                                                  |
|---------|-------------------------------------------------------|
| 2022-23 | Life Insurance Corporation of India (LICI)            |
| 2023-24 | Indian Renewable Energy Development Agency (IREDA)    |
| 2024-25 | NTPC Green Energy Limited - Subsidiary of NTPC        |
| 2025-26 | Bharat Coking Coal Limited - Subsidiary of Coal India |

## ii. Offer for Sale (OFS) including Employees OFS

| Year    | CPSE                                                            |
|---------|-----------------------------------------------------------------|
| 2022-23 | Oil and Natural Gas Corporation Limited (ONGC)                  |
| 2022-23 | Paradeep Phosphate Limited (PPL)                                |
| 2022-23 | Indian Railway Catering and Tourism Corporation Limited (IRCTC) |
| 2022-23 | Hindustan Aeronautics Limited (HAL)                             |
| 2023-24 | Hindustan Aeronautics Ltd.                                      |
| 2023-24 | Coal India Ltd.                                                 |
| 2023-24 | Rail Vikas Nigam Ltd.                                           |
| 2023-24 | SJVN Ltd.                                                       |
| 2023-24 | Housing &Urban Dev. Corpn. Ltd. (HUDCO)                         |
| 2023-24 | IRCON International Ltd.                                        |
| 2023-24 | NHPC Ltd.                                                       |
| 2023-24 | NLC India Ltd.                                                  |
| 2024-25 | General Insurance Corporation Of India                          |
| 2024-25 | Cochin Shipyard Ltd.                                            |
| 2024-25 | Hindustan Zinc Limited (others)                                 |

| 2025-26   | Mazagon Dock Shipbuilders Ltd.      |
|-----------|-------------------------------------|
| 2025-26   | Bank of Maharashtra                 |
| 2025-26   | Indian Overseas Bank                |
| 2025-26   | Bharat Heavy Electricals Ltd        |
| 2025-26   | Indian Railways Finance Corporation |

## iii. Buyback Transactions

| Year    | CPSE                 |
|---------|----------------------|
| 2022-23 | GAIL (India) Limited |

There were no buyback in 2023-24, 2024-25 & 2025-26 (as on 24.03.2026).

## B. Strategic Disinvestment Transactions

| Year    | CPSE                                  |
|---------|---------------------------------------|
| 2021-22 | Air India                             |
| 2022-23 | Neelanchal Ispat Nigam Limited (NINL) |
| 2024-25 | Ferro Scrap Nigam Limited (FSNL)      |

There were no Strategic Disinvestment Transaction in 2023-24 & 2025-26 (as on 24.03.2026).