The long-awaited divestment of IDBI Bank is moving forward as planned, according to Arunish Chawla, the Secretary of the Department of Investment and Public Asset Management (DIPAM). Chawla reassured stakeholders that the process is “on track,” though he refrained from providing specific details at this time. “I can assure you it’s on track, and in due course, you will hear it,” Chawla stated, indicating that further updates will be provided in the near future.
This progress follows a series of regulatory hurdles, including a delay caused by the Reserve Bank of India’s (RBI) review process. However, Tuhin Kanta Pandey, the Secretary of Finance, expressed optimism about the next steps. “The due diligence process is on,” he explained, noting that the necessary approvals from the RBI had now been cleared. He added that the market had already been informed of the situation, and now the focus is on receiving the financial bids for the sale of the government’s stake in IDBI.
This progress follows a series of regulatory hurdles, including a delay caused by the Reserve Bank of India’s (RBI) review process. However, Tuhin Kanta Pandey, the Secretary of Finance, expressed optimism about the next steps. “The due diligence process is on,” he explained, noting that the necessary approvals from the RBI had now been cleared. He added that the market had already been informed of the situation, and now the focus is on receiving the financial bids for the sale of the government’s stake in IDBI.
Pandey further elaborated on the timeline, suggesting that the financial bids are expected to be submitted by March. “Possibly before March the financial bids might come, and then, subsequently, there will be some process to do it,” he said, outlining the key milestones leading to the final outcome of the divestment.
