The consultant will be appointed for one year, which could be extended by 2 more years, and would be required to formulate proposals regarding issues to be taken up with regulatory or other agencies for the smooth working of DIPAM.
AgenciesDIPAM has already kickstarted the process of listing the country's largest insurance company LIC and has appointed SBI Caps and Deloitte as pre-IPO transaction advisor.
New Delhi: The government has invited bids for the appointment of a consultant to assist it in minority and strategic stake sales in banks and insurance companies.
The consultant will also help the management of government equity in banks, insurance companies and financial institutions, the Department of Investment and Public Asset Management said Monday, starting the process of disinvestment in public sector banking and insurance.
Applications for the post must be sent by December 4. The government has proposed to formulate a new public sector policy that will determine strategic sectors in which a maximum of four public sector units will be allowed, with the government gradually moving out of non-strategic ones.
The process for public listing of Life Insurance Corporation of India, the country’s largest insurance company, has started with SBI Caps and Deloitte as the pre-IPO transaction advisors. DIPAM has invited bids from actuarial firms to work out the embedded value of LIC ahead of the listing.
The government will also seek in-principle approval from the Cabinet Committee on Economic Affairs to lower its 47.11% stake in IDBI Bank.
Agencies
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