Govt plans $19.7 billion fundraise via PSU IPOs by FY30: NITI Aayog

Govt plans to raise about $19.7 billion, or Rs 1.79 trillion, by listing stakes in state-run companies through initial public offerings (IPOs) by the financial year 2029-30, according to a report released by NITI Aayog on Monday.

The proposed IPOs form part of a wider asset monetisation roadmap aimed at mobilising $183.7 billion over the next four years. The plan marks the second phase of the Centre’s asset monetisation drive under Prime Minister Narendra Modi.

The first four-year plan had raised Rs 5.3 trillion by FY25, falling short of the Rs 6 trillion target.

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Focus on core sectors

The upcoming IPOs are expected across key sectors such as railways, power, petroleum and natural gas, aviation, and coal.

Under the plan, the government aims to divest stakes in seven railway companies through IPOs that could fetch an estimated Rs 837 billion by 2030. Of this, around Rs 170 billion is targeted to be raised in FY27 through stock market listings. The report did not disclose the names of the companies.

In the power sector, subsidiaries of state-run companies may be listed to raise about Rs 310 billion over the next four years.

The government also plans to mobilise Rs 483 billion through IPOs of subsidiaries of Coal India Limited and renewable energy assets of NLC India Limited.

Aviation and gas listing plans

In aviation, the Airports Authority of India will divest its stake in one subsidiary and in four airports operated through joint ventures with private partners.

Separately, in FY28, the government plans to list GAIL Gas, a subsidiary of GAIL (India) Limited. The IPO could potentially raise Rs 31 billion, the report said.

At the current exchange rate of Rs 90.9110 per US dollar, the planned Rs 1.79 trillion mobilisation translates to nearly $19.7 billion.

The latest roadmap signals a continued push by the Centre to unlock value from public sector enterprises and deepen capital market participation over the next five years.