Government will privatize non-strategic UPMs: Nirmala Sitharaman

NEW DELHI: Finance The minister said on Sunday that a new coherent public sector company policy will be formulated that will define strategic sectors that will not have more than four UPMs.

The list of strategic sectors that require the presence of public interest companies (UPM) of public interest will be notified, he said while announcing his fifth and final economic stimulus package.

In strategic sectors, at least one company will remain in the public sector, but the private sector will also be allowed.

In other sectors, the UPM will be privatized.

To minimize wasteful administrative costs, the number of companies in strategic sectors will normally be one to four; others will be privatized/merged/incorporated into holding companies, he said.