Informist, Thursday, May 19, 2022

By Sagar Sen

NEW DELHI – After Life Insurance Corp, the government is now looking to divest 25% stake in state-owned WAPCOS Ltd through an initial public offering, a senior finance ministry official told Informist.

WAPCOS, which is wholly-owned by the government, is a consultancy, engineering, procurement and construction company operating in the fields of water resources, power and infrastructure. 
 

"The pandemic delayed the IPO (initial public offering) of WAPCOS, but we have been making steady progress," the official said.

However, the WAPCOS offer will be significantly smaller than LIC's. The government hopes to raise around 3 bln rupees through this, compared with around 205 bln rupees it raised through the LIC initial public offer.

In 2020-21 (Apr-Mar), WAPCOS's revenue stood at 13.14 bln rupees, while the net profit came in at 405 mln rupees.

For 2022-23, the government has set a target of raising 650 bln rupees through divestment. Of this, it has already raised 236 bln rupees, around 90% of which has come through the LIC initial public offering.  End

Edited by Namrata Rao

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