Centre aims to raise ₹1.79 trillion from IPOs of state-run firms by 2030

India aims to raise ₹1.79 trillion ($19.7 billion) from selling stakes in state-run firms through initial public offerings by the 2029/30 financial year, it said on Monday.

The IPOs will be part ‌of a broader push to raise $183.7 billion by monetising state assets over the next four years, the government think tank NITI Aayog said in a report released late on Monday.

The IPOs will be in the railway, power, petroleum and natural gas, aviation and coal sectors, NITI Aayog said.

They are part of Prime Minister Narendra Modi's second four-year plan for asset monetisation, after the first raised ₹5.3 trillion by 2024/25, below the ‌government's ₹6 trillion target.

Stake sales in state-run firms

Under the plan, the government aims to divest stakes in seven railway companies through IPOs that could potentially fetch ₹83,700 crore by 2030, the report said. It targets raising ₹17,000 crore of that through stock market listings in the coming financial year starting April 1, 2026, the report said, without naming the companies.

It also plans to list ‌subsidiaries of state-run power firms to raise ₹31,000 crore over the next four years, alongside ₹48,300 crore from initial ‌public offerings of subsidiaries of Coal India and the renewable energy assets ‌of NLC India Limited.

The Airports Authority of India will sell its stake in one subsidiary, and four airports that it owns ‌through joint ventures with private partners.

In the financial year 2027/28, the government plans to list GAIL GAS, a subsidiary of GAIL (India) to potentially ‌raise ₹3,100 crore, NITI Aayog said.