Fitch believes that political support in favour of legislative changes to the Act, which are required in order to go through with the sale, could be a significant hurdle for the government.
Finance Minister Nirmala Sitharaman had announced that a new policy on PSU privatisation will be announced whereby a list of strategic sectors requiring presence of PSEs in public interest will be notified.
IPG and ICPA say that the management has still not addressed their concerns over "disproportionate" pay cut, which has been in effect since April this year