The government has declared its intention to issue a fresh request for proposal (RFP) without providing any specific timeline regarding the sale process. The government asked bidders to put in a single consolidated bid for the entire holdings of SUUTI. In March 2014, the government sold a 9% stake in Axis Bank held through SUUTI for over Rs.5,500 crore. Parliament bifurcated state-run investment firm Unit Trust of India (UTI) in 2002, creating SUUTI and UTI Asset Management Co. Pvt. So far this fiscal year, the government has garnered Rs.2,716.55 crore from a stake sale in NHPC Ltd, according to the Department of Investment and Public Asset Management.

Source: Mint August 23, 2016 08:48 UTC