India's government is aiming to complete the privatisation of five to six state-owned companies, including Bharat Petroleum Corp Ltd, in the current fiscal year, the secretary of the Department of Investment and Public Asset Management said on Wednesday.

       Tuhin Kanta Pandey said the government is aiming to close the privatisation of BEML and Shipping Corp of India and to list state-owned Life Insurance Corp on local bourses in the year to March 2022.

       Pandey said BPCL divestment is in due diligence stage.

       "Can expect financial bids for NINL, SCI, BEML, Pawan Hans in December-January," said Pandey. He said government is targeting December for handing over Air India to Tata Group.

       Prime Minister Narendra Modi is pushing ahead with LIC’s IPO -- which could raise between Rs 40,000 crore and Rs 1 trillion -- to help plug a widening budget gap. India may sell a 5%-10% stake in the company as part of a broader divestment target. The government may also allow foreign direct investment in LIC to ensure a diversified and strong demand across various segments of investors.

       The sale of the Bharat Petroleum Corp, a state-run refiner-cum-fuel retailer, would fetch about $13 billion for the exchequer and other shareholders.