A worker counts money at a market in Mumbai, India. (Photographer: Adam Ferguson/Bloomberg News)

Government To Exceed Divestment Target This Year, Says Jaitley

The government will exceed its divestment target of Rs 72,500 crore for the financial year, Finance Minister Arun Jaitley said.

“It’s going to be the first year in history where we are going to significantly overtake disinvestment target itself,” Jaitley said at 90th annual general meeting of FICCI in New Delhi.

As on Dec. 4, the government’s total divestments proceeds were Rs 52,390 crore, according to data on the Department of Investment and Public Asset Management’s website.

Calling divestment the art of the possible, Jaitley said privatisation and divestment has happened all around the world. The divestment of Air India moving “expeditiously” and is on track. “The advisors and all are studying the market and universe of buyers and soon will come with the next step.”

The government is proposing to transfer all Air India’s non-aviation assets and short-term loans of as much as Rs 30,000 crore to a separate company, Bloomberg reported.