Government of India receives Rs 471.5 cr as disinvestment proceeds from Paradeep Phosphates IPO

Government of India has received Rs 471.5 crore as disinvestment proceeds from Paradeep Phosphates IPO through sale of Governmnt of India (GoI's) residual stake, official Twitter handle of Secretary, DIPAM said in a tweet.

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Government of India received Rs 471.5 crore as disinvestment proceeds from Paradeep Phosphates IPO through sale of GoI's residual stake. pic.twitter.com/zNxxbtini7

— Secretary, DIPAM (@SecyDIPAM) May 30, 2022

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Paradeep Phosphates Limited (PPL) has an integrated manufacturing facility in Paradeep and currently operates a DAP and NPK production facility (annual granulation capacity of 1.4 million MT), a Sulphuric acid production plant and a Phosphoric acid production plant, the company website says. 

Department of Investment and Public Asset Management or DIPAM, erstwhile 'Department of Disinvestment' was set up as a separate department on 10th December, 1999 and was later renamed as Ministry of Disinvestment form 6th September, 2001.