DIPAM rejects Nalco's disinvestment agenda

The Department of Investment and Public Asset Management (DIPAM), which deals with all the matters relating to the management of Govt. of India investments in equity, including disinvestment of equity in Central Public Sector Undertakings, has rejected any disinvestment agenda for the state-owned National Aluminium Company (NALCO).

Tuhin Kanta Pandey, the secretary of DIPAM, has flowed this information concerning Nalco. In Budget 2023, the government froze a much lower disinvestment target of INR 51,000 crores for FY24.

DIPAM's secretary added, "The goal of the divestment is to follow a calibrated strategy and not distort the market. However, the divestment strategy did not include NALCO."

Nirmala Sitharaman, the Finance Minister of India, said in her budget speech, "It is proposed to allow carry forward of accumulated losses and unabsorbed depreciation allowance in the case of amalgamation of one or more banking companies with any other banking institution or a company after strategic disinvestment if such amalgamation occurs within five years of strategic disinvestment."