The divestment of IDBI Bank is progressing as planned, according to Arunish Chawla, Secretary of the Department of Investment and Public Asset Management (DIPAM). Despite regulatory hurdles, including a delay caused by the Reserve Bank of India’s (RBI) review process, the process is now back on track. Tuhin Kanta Pandey, Secretary of Finance, expressed optimism about the next steps, stating that the due diligence process has begun and necessary approvals from the RBI have been cleared.
Pandey noted that the market has already been informed of the situation, and the focus is now on receiving financial bids for the sale of the government’s stake in IDBI. He suggested that financial bids are expected to be submitted by March, with a subsequent process to follow. The key milestones leading to the final outcome of the divestment have been outlined, with the goal of completing the process in the near future.
The divestment of IDBI Bank has been a long-awaited event, and the progress is a positive development for stakeholders. The process has been delayed due to regulatory hurdles, but it appears that the necessary approvals have now been cleared, and the process is moving forward. The exact timeline for the divestment is still unclear, but it is expected to be completed in the coming months.