India Targets $20 Billion from State Firm IPOs by 2030

India plans to raise about ₹1.79 trillion (approximately $20 billion) by selling minority stakes in state-run companies through initial public offerings by the 2029–30 financial year, according to a new report by government policy think tank NITI Aayog. The IPO drive forms part of a broader strategy to mobilise $183.7 billion through asset monetisation over the next four years. Proposed listings will span key sectors including railways, power, petroleum and natural gas, aviation, and coal, as the government shifts away from full privatisation toward partial stake sales.

The initiative marks Prime Minister Narendra Modi’s second four-year asset monetisation programme, following the first phase that generated ₹5.3 trillion by 2024–25 — about 90% of its ₹6 trillion target. New Delhi has increasingly relied on monetising assets and subsidiaries after facing difficulties in outright privatisation of public sector firms. Proceeds from these stake sales will go directly to the companies, enabling reinvestment while reducing the government’s fiscal burden and allowing the entities to remain under state control.

Under the new roadmap, the government aims to divest stakes in seven railway companies through IPOs that could raise around ₹83,700 crore by 2030, including ₹17,000 crore targeted in the financial year beginning April 2026. Additional plans include listing subsidiaries of power companies to raise ₹31,000 crore, along with ₹48,300 crore from Coal India units and renewable assets of NLC India. The Airports Authority of India will also sell stakes in a subsidiary and four airport joint ventures, while GAIL Gas — a unit of GAIL (India) — is slated for listing in 2027–28 to potentially raise ₹31 billion.

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