What happens to the employees after PSU is privatised?

Are PSU employees fired after privatisation? According to these provisions, the new owner of the privatised PSU cannot retrench or fire employees within a year of the closing date of the transaction.

Will ONGC be privatised in future?

The petroleum ministry has made its third attempt to get Oil and Natural Gas Corporation (ONGC) to privatise its oil and gas fields along with other infrastructures to raise production. The letter aimed to help the firm raise oil and gas production by one-third by 2023-24.

Is Iocl going to be privatised?

Sources said that while privatisation plan for IOC, GAIL, ONGC, OIL has not been drawn as of now, under the roadmap finalised by the government it would keep bare minimum. This would mean that privatisation of mergers could be considered for remaining oil PSUs at a later stage as well.

What is privatization of Public Sector Undertakings (PSUs)?

In India, the Central government or a state government must hold at least 51 percent stake in a company for it to be called a PSU. Through privatization, the government reduces its stake below 51 percent in PSUs, while bringing in a private player to manage the company.

Will FY2021-22 be the most important year for PSU privatisation in India?

CEA Subramanian has said that after a year marred by the COVID-19 pandemic, FY2021-22 will be a very important year in the history of PSU privatisation in India …. After a year of slow progress on big-ticket disinvestment plans, the govt may increase the disinvestment target for FY22 sharply in the Union Budget, said sources ….

Are the employees of PSU employees government employees?

If the majority of company stocks means 51\% or more owned by the government it is called PSUs. So we have central PSUs (CPSU) and state PSUs (SPSU). So the PSUs employees are technically not the government employees. If the PSU is not profit making government is not bound to pay perks or even salaries to the employees.

Will natural gas be privatised in strategic sector?

We know there is going to be each sector in one psu ex: natural gas is ONGC so it won’t be privatised. See , until the list comes ,one should not speculate about which psu will be in strategic sector and which will be not , because it all depends on how the government perceive it.