Department of Disinvestment renamed as ‘Dipam’

By: |
New Delhi | April 20, 2016 6:20 PM

Finance Minister Arun Jaitley had announced renaming of the Department of Disinvestment in his budget speech for 2016-17.

Finance MinistryFinance Minister Arun Jaitley had announced renaming of the Department of Disinvestment in his budget speech for 2016-17. (Reuters)

 

The Department of Disinvestment has been renamed as Department of Investment and Public Asset Management or ‘Dipam’, a decision aimed at proper management of Centre’s investments in equity including its disinvestment in central public sector undertakings.

The new department has been mandated to “advise the government in the matters of financial restructuring of central public sector enterprises and for attracting investment through capital markets”, as per a notification issued by the Cabinet Secretariat in this regard.

Finance Minister Arun Jaitley had announced renaming of the Department of Disinvestment in his budget speech for 2016-17.

“We will adopt a comprehensive approach for efficient management of government investment in Central Public Sector Enterprises by addressing issues such as capital restructuring, dividend, bonus shares, etc. The Department of Disinvestment is being re-named as the Department of Investment and Public Asset Management (Dipam),” he had said.

The Dipam will work under Finance Ministry and it will deal with “all matters relating to management of central government investments in equity including disinvestment of equity in central public sector undertakings”.

It will also deal with “all matters relating to sale of central government equity through offer for sale or private placement or any other mode in the erstwhile central public sector undertakings”, the notification reads.

All other post disinvestment matters, including those relating to and arising out of the exercise of call option by the strategic partner in the erstwhile central public sector undertakings, shall continue to be handled by the administrative ministry or department concerned, where necessary, in consultation with the Dipam, it said.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1India-UAE FTA talks: Duty relief likely for job-intensive sectors
2MGNREGS Outlay: Ministry seeks additional Rs 25,000 crore for rural jobs scheme
3Tracking kharif: As crops start arriving, most mandi prices rule below MSPs, may hit rural demand