#BEML disinvestment

[stoxboxindia]

Disinvestment Target: Can the government break the jinx?

Started in 1981, disinvestment is a process where the government sells a part or whole of its assets or a subsidiary, such as a central or state public sector enterprise, to private entities or the public. Disinvestment can be carried out through three modes vis-a-vis minority disinvestment, majority disinvestment, and complete privatisation.

The Department of Investment and Public Asset Management (DIPAM) handles the disinvestment procedures with a primary objective to improve public finances. The disinvestment may also be done to increase private ownership and improve the management and performance of the public sector enterprise.

In the past, the government has missed targets set for prior financial years, the most recent being the Rs 1.75 lakh crore target for FY22, which was revised downwards to Rs 78,000 crore in the revised estimates. The actual proceeds for FY22 were at a meagre Rs 14,638 crore, primarily owing to the disruptions caused by the Covid-19 pandemic.

For FY23 as well, the government missed the disinvestment target. The proceeds from the disinvestment came at Rs 46,035 crore in FY23, missing the revised target of Rs 60,000 crore. The government shelved the strategic disinvestment of Bharat Petroleum Corp, which was expected to bring in Rs 50,000-60,000 crore.

Learning lessons from the past and with general elections looming around the corner, the government has set a disinvestment target at Rs 51,000 crore for FY24, lower than the previous financial year.

For FY24, the government outlined plans to sell shares in IDBI Bank, Container Corporation of India, Shipping Corporation of India, and BEML. However, we believe that strategic sales would not go through at a great speed in FY24, as this is a pre-election year where the optics of this economic reform may not be seen in a popular light. The status of the various planned disinvestments are as below:

With almost five months into this financial year and the disinvestment plan yet to see the light of day, it is looking increasingly difficult for the government to come out of its track record of repetitively missing the targets.

To get closer to the Rs 51,000 crore target, we believe that the maximum will now have to come from offer for sale (OFS) or minority stake sales.

The government has garnered close to a combined Rs 5,500 crore through OFS in Coal India and RVNL in this financial year and is contemplating close to Rs 7,000 crore through an 11.4% OFS in IRFC going ahead.

Among the other major OFS planned in FY24, the government is looking at a 5-6% stake sale in Hindustan Zinc, 20% in National Fertilizers (NFL), 10% in Rashtriya Chemicals & Fertilizers (RCF) and a stake sale in RITES.

Apart from the OFS route, the government has other options up its sleeve, which include stake sales in NMDC Steel, HLL Lifecare, Vizag Steel, and Hindustan Zinc. Moreover, the government may remotely also consider listing companies such as the Indian Renewable Energy Development Agency (IREDA), National Seeds Corporation (NSC), and WAPCOS, a PSU in engineering consultancy and construction under the Ministry of Jal Shakti.

To sum up, we believe that unless major strategic sales happen, the government will not be able to meet the target this year as well. To overcome these challenges in the long term, the government must address multiple issues that mostly derail the disinvestment plans and are mostly related to labour unions, land titles, leases, land use, and excess manpower.

Also, the government must find ways to enhance the attractiveness of public sector stocks which usually suffer from the preconceived notion of abrupt policy changes, weak operational metrics, and sub-par corporate management. In all the gloom surrounding the disinvestment targets, the fiscal deficit target of 5.9% for the current year is not likely to be exceeded as surplus funds from non-tax sources will help bridge the gap.

(The author is the Head of Research at StoxBox)

[vilaspatelvlogs]

विनिवेश पर एक्टिव सरकार: चर्चा में BPCL और BEML में सरकारी हिस्सेदारी बेचने का प्लान; जानिए कंपनियों के ग्राहकों और कर्मचारियों पर कैसा होगा असर?

विनिवेश पर एक्टिव सरकार: चर्चा में BPCL और BEML में सरकारी हिस्सेदारी बेचने का प्लान; जानिए कंपनियों के ग्राहकों और कर्मचारियों पर कैसा होगा असर?

Hindi News Business Bharat Petroleum BEML Privatization; Disinvestment News | Impact On Customers And BPCL Employees After Narendra Modi Government Sell Stake OF BPCL BEML Ads से है परेशान? बिना Ads खबरों के लिए इनस्टॉल करें दैनिक भास्कर ऐप मुंबई2 घंटे पहले कॉपी लिंक विनिवेश यानी सरकारी कंपनियों में अपना हिस्सा बेचकर पैसा जुटाने का सरकार का प्लान रफ्तार में है। एक बार फिर बता दें कि आजादी के…

[defencecapital]

BEML bag $23-million orders for construction equipment from Cameroon, Bangladesh

BEML bag $23-million orders for construction equipment from Cameroon, Bangladesh

Photo: BEML’s Dozer with Hydrostatic Transmission. New Delhi: India’s defence public sector undertaking BEML Limited has bagged export orders from central African nation Cameroon and neighbour Bangladesh under Lines of Credit extended by the Indian government to buy construction equipment. BEML Limited is a ‘Schedule A’ company under India’s Ministry of Defence (MoD) and the process of…

[newsdaliy]

Disinvestment: Now preparing to sell this government company, the government will invite financial bids by December

Disinvestment: Now preparing to sell this government company, the government will invite financial bids by December

Photo:FILE Disinvestment beml Highlights Government holds 54.03 percent stake in defense PSU BEML The sale of 26 per cent stake at the current market price will fetch around Rs 2,000 crore. Financial bids expected in October-December quarter Disinvestment: The government may invite financial bids for privatization of BEML in the December quarter. An official gave this information. The Ministry…

[shlipayadavblog]

BEML Q4 profit drops by 15.4% to Rs 133 cr; revenue drops to Rs 1,683 cr

State-owned BEML on Friday posted 15.4 per cent decline in consolidated net profit at Rs 133.42 crore for the quarter ended March 31, 2022.

The company had logged a profit of Rs 157.81 crore in the year-ago period, BEML said in a filing to BSE.

Revenue from operations during the quarter under review dropped to Rs 1,683.58 crore from Rs 1,805.74 crore in the year-ago period, the filing said.

BEML Ltd, formerly Bharat Earth Movers Ltd, was established in May 1964 as a public sector undertaking for manufacture of rail coaches and spare parts and mining equipment at its Bangalore Complex.

The company has partially disinvested, and presently the Centre owns 54 per cent of total equity, rest 46 per cent is held by public, financial institutions, foreign institutional investors, banks and employees.

[ashok-kumars-world]

In the corporate world, past achievements tend to benchmark future targets. Not for the Central government, though. Despite a track record of missing divestment targets almost every year, the government has only set higher targets progressively. 

Analysts expect the disinvestment aim for FY23 to be no different even though the government may miss the budgeted target for FY22. The FY23 disinvestment target is expected to be Rs 1.5-2 lakh crore, depending on whether the stake sale of a single company is concluded in the current year.

The task of offloading stake in Life Insurance Corporation of India began two years ago and is still far from complete. The government had pencilled in Rs 1 lakh crore as proceeds from this stake sale in its divestment target of Rs 1.75 lakh crore for FY22.

Officials have asserted that LIC's initial public offer will be launched before March. But with the valuation exercise yet to be complete, this is becoming less probable every passing day. Analysts have already assumed that the government won't be able to fill its treasury with the money from LIC's stake sale in FY22.

“For the planned initial public offering of the country's largest insurer, Life Insurance Corporation (LIC), the government is pushing to complete it within Mar-22; however, given the tight deadline, there is a possibility it gets pushed back. As such, we expect the divestment target to be higher at INR 1.25 trillion (FY23),” analysts at Morgan Stanley wrote in their budget note. 

Besides the life insurance behemoth's IPO, privatisation through strategic stake sales in a bunch of public sector enterprises will ensure that the government gets enough proceeds. In FY22, the government was supposed to privatise Bharat Petroleum Corporation, BEML, Shipping Corporation of India, and two public sector banks. These would be now rolled over to the next year. 

While the government may not find it hard to meet the divestment target it will set in the budget, it won't find it easy either. Assembly elections in key states could keep the government from going full throttle on privatisation of PSEs. That would mean strategic sales in companies could get delayed.

“Political stability/local election results would be key for its execution. Any miss would be a key risk to our fiscal deficit target,” analysts at BofA Securities pointed out in a note.

Analysts at Jefferies India said that after the key assembly elections, the government could fast-track privatisation.

Another factor is adverse market conditions and the possible tightening of liquidity. The US Federal Reserve has indicated quicker rate increases and an end to bond buying there. India's central bank too is in withdrawal mode.

Equity indices have already dropped sharply in the past month, pulling down valuations for most stocks. As such, the government has hardly been successful in taking advantage of buoyant equity market episodes in the past.

What works for divestment now is that the list of candidates for stake sale in FY23 have healthier balance sheets than those offered in the past. The successful sale of the stressed loss-making Air India indicates that there are takers for other companies that have better profitability to show.

[techminsolutions]

Review meet on disinvestment, privatisation of defence PSUs on Monday

Review meet on disinvestment, privatisation of defence PSUs on Monday

Defence Minister Rajnath Singh will chair a meeting on Monday to review the divestment and privatisation of defence public sector undertakings (PSUs). The minister would be apprised of the progress made in the privatisation of BEML where the government is looking to sell 26 per cent of the 54 per cent it holds along with transfer of management control. Based on the share price of the company,…

[globalexpressnews]

From 'asset monetisation' of airports to privatisation of PSBs: Why are critics accusing Modi govt of putting 'India on sale'?

From 'asset monetisation' of airports to privatisation of PSBs: Why are critics accusing Modi govt of putting 'India on sale'?

Disinvestment and Strategic Sale: Excerpts from Nirmala Sitharaman’s Budget speech In spite of COVID-19, we have kept working towards strategic disinvestment. A number of transactions namely BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam limited among others would be completed in 2021-22. Other than IDBI Bank, we…

[reuelek]

BEML’s stock fires up as strategic disinvestment gets government nod - Mint

[moneycafe]

Government invites Expression of Interest for strategic disinvestment of BEML

Government invites Expression of Interest for strategic disinvestment of BEML

The Government has invited Expression of Interest (EoI) from domestic and foreign players for strategic disinvestment in BEML Limited (formerly known as Bharat Earth Movers Limited). The Government has ‘in-principle’ decided to disinvest 26 per cent of the equity share capital of BEML Limited through strategic disinvestment with the transfer of management control. At present, the Government holds…

[largecapindia]

BEML Limited (formerlyknown as Bharat Earth Movers Limited)was incorporated on May 11, 1964 as a public sector under the Ministry of Defence in Karnataka, India. BEML has partially disinvested and currently the Government owns 54 percent of total equity and remaining 46 percent is held by various others including public, financial Institutions, foreign institutional investors etc... read more.. largecapindia.co.in (at IND) https://www.instagram.com/p/CCWMK0FHD-i/?igshid=1rzz0mqpm2v9o

[tradeniveshinvestmentadvisor]

Nifty hits fresh high | Trade Nivesh

Trade Nivesh | Crosses earlier level of 12,293.90 hit on Dec 20, 2019

All the sectoral indices are trading higher led by the IT, auto, pharma, metal and bank.

SBI keeps lending rates unchanged: State Bank of India share price gained 2 percent after bank has kept its lending rates unchanged in the range of 7.65-8.20 percent.

Strategic Disinvestment of BEML: DIPAM, Govt of India intimated the company that M/s. CBRE South Asia Pvt. Ltd. and M/s. JLL Property Consultants (India) Pvt. Ltd. have been appointed as consultancy firms for monetization of identified assets of BEML.

Market Update: The continues buying on the second consecutive day helping the Nifty to trade near the record high level of 12,293.90.

At 11:15 hrs IST, the Sensex is up 237.39 points or 0.57% at 41689.74, and the Nifty up 71.30 points or 0.58% at 12287.20.

Authorised capital of IOB increases: The Central Government after consultation with the Reserve Bank of India, hereby increases the authorised capital of Indian Overseas Bank from Rs 5,000 crore to Rs 25,000 crore.

Rupee near day's high: The Indian rupee is trading near day's high level at 71.09 per dollar, up 12 paise from its Thursday's close of 71.21.

CAMS files for IPO: Computer Age Management Services (CAMS) on Thursday filed its Draft Red Herring Prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

Buzzing Stock: Share price of Sun TV Network spiked over 6 percent intraday on January 10 after maintained buy rating on the stock with target at Rs 689 per share. However, the firm is of the view that AD industry is likely to see sharp slowdown in the third quarter adding that subscription growth remains healthy but risks due to TRAI order.

[tumbledsom]

Centre Likely to Sell 28 Percent Stake in BEML through Strategic Disinvestment via Top Business News- News18.com

[globalexpressnews]

Budget 2021: Modi govt plans to handover India's assets to his 'crony capitalist friends', says Rahul Gandhi

Budget 2021: Modi govt plans to handover India's assets to his 'crony capitalist friends', says Rahul Gandhi

“In spite of COVID-19, we have kept working towards strategic disinvestment. A number of transactions namely BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam limited among others would be completed in 2021-22,” she said. “Other than IDBI Bank, we propose to take up the privatization of two Public Sector Banks and…

[techminsolutions]

DIPAM, NITI Aayog agree to proposal of incorporating BEML subsidiary

DIPAM, NITI Aayog agree to proposal of incorporating BEML subsidiary

BEML Ltd on Saturday said DIPAM and NITI Aayog have agreed to the proposal of incorporation of a wholly-owned arm for demerger of surplus land and asset as part of BEML’s strategic disinvestment process. “Ministry of Defence…conveyed that Department of Investment and Public Asset Management (DIPAM) and NITI Aayog have concurred to the proposal of incorporation of wholly-owned subsidiary of BEML…

[tribhuvandarbari]

Tribhuvan Darbari Biodata/Resume/Profile

Some of the important Senior Positions held by Mr. Darbari in the Govt. of India / Public Sector Enterprises / MNC’s which involved close interactions with Senior and Middle Level Govt. functionaries in the Central & State Govt's., are as follows:- 1.    Senior Vice President, CMC (under Ministry of Communications & Information Technology), Govt. of India a)   CMC Limited, being the only Government Commercial ICT solutions provider, facilitated my close interactions as the Vice President between 1993-2005 with Top/Senior & Middle Level officials of the Govt. of India, State Governments and their Public Sector Enterprises, in all most all verticals / Departments/ Ministries  of both the Government of India and the State Governments.   b)    Was working as a Top Management Team Member, for ICT initiatives, for the three sister Departments – Department of Electronics/Information Technology;/Department of Telecommunications; Department of Posts; BSNL, TCIL & MTNL. c)    Worked closely for innovative ICT Solutions & initiative, with the Top Management & decision making levels in the Ministry of Railways, Zonal Railways, All Production Units under the Indian Railways & Nine Public Sector Enterprises i.e. RITES, IRCON, DFFCCIL, RAILTEL, CRIS, IRCTC, IRFC, CONCOR, RDSO, etc. d)    Worked closely, for providing pro-active ICT Solutions with the Top Management & decision making levels of all the Departments of the Ministry of Finance (i) Department of Economic Affairs (ii) Department of Banking & Financial Services (ii) Department of Revenue (Central Board of Excise & Customs & Central Board of Direct Taxes) (iv) Department of Disinvestment, (v) Department of Expenditure & the office of the Controller and Auditor General of India. e)    Worked closely, for providing ICT Solutions, with the Top Management & decision making levels of the Senior & Middle level Officials of the Ministry of Roads and Highways including National Highways Authority of India (NHAI) f)     Worked closely for providing ICT Solutions, with the Top Management & decision making levels of the Ministry of Shipping & Ports – computerization of Major & Minor Seaports, including streamlining of terminal berth systems etc. g)    Worked closely for providing ICT Solutions, with the Top Management & decision making levels of the Ministry of Urban Development, Delhi Development Authority, MCD, NDMC and Municipal Authorities in various State Govt's for various E-governance initiatives, for facilitating infrastructure growth & development. h)    Worked closely for providing ICT Solutions, with the Top Management & decision-making levels of the Ministry of Science & Technology, Department of Weather Forecasting, Ministry of Water Resources, i)      Worked closely for providing ICT Solutions, with the Top Management & decision-making levels of the Ministry of Power & Non-Conventional Energy Resources and for PSU's like NTPC, PGCIL, NHPC, THDC, PFC, PTC, NJPC, NEEPCO and also for the State Electricity Boards. j)     Worked closely for providing ICT Solutions, with the Top Management & decision-making levels of the Ministry of Petroleum, Natural Gas, Chemical, Petro-Chemical and PSU's like ONGC, IOCL, BPCL, HPCL, GAIL, EIL etc. k)    Worked closely for providing pro-active ICT solutions for Ministry of Defence, Department of Defence Production and for all their Public Sector Enterprises, like HAL, BEL, BEML, Shipyards, Air Force Stations, Naval basis including sub-marine basis as well as all the factories of the Ordinance Factory Boards, including the Headquarters of the DG OFB, Kolkata. l)      Worked closely for providing ICT initiatives for modernization with the Top Management & decision-making levels of the Ministry of Home Affairs and Para Military Forces like BSF, CRPF, ITBP, NCRB, Assam Rifles, SSB and State Police Organizations & their headquarter. m)  Worked closely for providing ICT Solutions, with the Top Management & decision making levels of the Ministry of External Affairs & Indian High Commissions and Embassies, including International Skills up gradation & capacity building ICT Training Programs under the ITECH Division of the MEA , focusing on African, CIS , SAARC & South East Asian Nations. n)    Throughout his tenure as the Vice President, CMC Limited from 20th September, 1993, to 30th June, 2005, both as Government of India Enterprises & a sister MNC of TCS (TATA Group), his contributions were graded as consistently Outstanding & integrity consistently above Board.                                                                                                   2.    Director (Corporate Strategy) & Sales, Hewlett Packard India: Strategized the company’s growth in revenues and profitability in key verticals such as Transportation (National Highways & Surface Transportation, Railways, Shipping & Ports), Banking, Finance and Insurance, Oil & Gas, Petrochemicals & Pharmaceuticals, Defence & Defence Production , Inland Security & Border Management, Steel, Telecom, Power & Utilities, Education and Training E-governance, etc. in Govt, Public Sector & Multinational Organizations. From 2005 onwards, consistently graded as high performer and his contributions to business growth was highly commended by Mr. Mark Hurd, CEO & President, HP’S Worldwide, along with special incentive awards. 3.    Vice President (Business Strategy) India, Huawei Telecommunications:- His role as Chief of Business Strategy has been instrumental in the entry of Huawei’s Enterprise Business Solutions across verticals in India like Banking & Finance, Transportation (Highways, Aviation, Railways), Energy: Power, Transmission & Distribution and Oil & Gas etc. He has also strategized Huawei’s association with major industry forums in India and overseas for appropriate projections of its globally proven technology & solutions. His contributions were graded as consistently Outstanding & integrity consistently above Board 4.    Executive Director (Commercial) TRIFED (In the Rank of Joint Secretary to the Govt. of India), Ministry of Social Justice & Empowerment, Govt. of India Worked Closely with Mrs. Maneka Gandhi, Hon''ble Minister of Social Justice & Empowerment & Currently Cabinet Minister for Women & Child Development, Govt. of India – Created a novel chain of retail outlets for the unique blend of products, handicrafts, paintings, artefacts etc. made by the Tribal Communities of India.  This initiative was historic and the first of its kind in India, targeted at the Empowerment of the Tribal Folks, with a focus on upliftment of Tribal Women   His contributions were graded as consistently Outstanding & integrity consistently above Board 5.    OSD (General Manager) & Member Secretary– KDMMPC Oil & Natural Gas Commission (ONGC – the Largest Fortune 500 Corporation of the Govt. of India) - Operationalized action plans in co-ordination with Ministries of Petroleum, Chemicals & Pharmaceuticals and CEO’s of Public Sector Enterprises under the administrative control of the Ministry. ONGC, IOCL, BPCL, HPCL, GAIL, EIL  IPCL, IBP, OCC, OIDB, DG-Hydro Carbon, etc. His contributions were graded as consistently Outstanding & integrity consistently above Board 6.    Appointed Private Secretary to the Hon’ble Minister of State for External Affairs, Government of India, under Mr. Eduardo Faleiro & interacted at the highest levels in the Ministry of External Affairs, Indian Missions abroad and overseas Missions in India. His contributions were graded as consistently Outstanding & integrity consistently above Board 7.    Private Secretary (above the rank of Director to the Govt. of India) to the Cabinet Minister for Petroleum, Natural Gas, Chemicals, Petrochemicals & Pharmaceuticals; & Parliamentary Affairs: closely involved in formulating Govt. policies and involved in strategic decision making in the above sectors as also the Public Sector Enterprises, namely viz, ONGC, IOCL, BPCL, HPCL, GAIL, EIL  IPCL, IBP, OCC, OIDB, DG-Hydro Carbons, etc.  Assisted the Cabinet Minister in all strategic matters relating to Cabinet Committees on Economic Affairs and Political Affairs (CCEA & CCPA) and in important Parliamentary debates & issues,  His contributions were graded as consistently Outstanding & integrity consistently above Board.  He is the only official whose services have ever been placed in a category “Super Outstanding Category” by the Hon’ble Minister for Petroleum, Natural Gas, Petrochemicals & Chemicals & Parliamentary Affairs, Government of India. 8.    Officer on Special Duty (In the rank of Chief Engineer) NJPC Limited (A Govt. of India Enterprise) under Ministry of Energy Dept. of Power: Operationalised the NJPC (Now known as SJVNL) – India’s largest Hydro Electric Power Project – right from the initial stages. Also, assisted Secretary, Ministry Of Power in operationalising new corporate entities like the Power Finance Corporation (PFC) and Power Grid Corporation (PGCIL), TEHRI Hydro Development Corporation (THDC).  His contributions were graded as consistently Outstanding & integrity consistently above Board, 9.    Officer on Special Duty/Programme Coordinator (In the rank of Dy. Secretary Govt. of India) Implementation Committee (Cabinet Secretariat Government of India) under the Chairmanship of the then Hon’ble Prime Minister of India. Assisted in conceptualization and implementation of National & International programs and projects of the Implementation Committee, which was chaired by the then Hon’ble PM, Mr. Rajiv Gandhi.  His contributions were graded as consistently Outstanding & integrity consistently above Board. 10. Officer in Advances, Banking Operations & Foreign Exchange Departments, in Union Bank of India (A major public sector bank under Ministry of Finance). – Worked in all important Departments of the Nationalized Bank and interacted with Top Management of PSUs for Deposit Mobilization and Management.  His contributions were graded as consistently Outstanding & integrity consistently above Board EDUCATION Mr. Darbari Schooled at St. Columbus High School, New Delhi and after completing his Graduation & Post Graduation from St. Stephen's College India, he has accomplished Advanced Management Education and Training from six prestigious Global Universities and Institutes in India, UK, Australia, Japan, Sweden and USA. Accomplished a dissertation on “Internationalization of ONGC’s Operations – Growth & Strategy” In the University of Hull, United Kingdom.   FAMILY BACKGROUND:- 1.    Father – Padmshri L.S. Darbari, (Late) Former Director General (Intelligence) Ministry of Railways, Govt. of India & one of the founding fathers of the Central Bureau of Investigation in 1963 – A celebrated Police Official of the Country & bestowed with President’s Police & Fire Services Medal & the Recipient of the Prestigious National Award (PADMASHRI) by the President of India – which in 1971 was a very rate honour to be bestowed upon an Outstanding Police Officer of the Central or the State Government. 2.    Brothers a.     Mr. Shiv Shankar Darbari, IPS, Ex – Director General of Police, Rajasthan, b.    Mr. Ashok Darbari, IPS, Ex – Director General of Police Chhattisgarh, Madhya Pradesh c.     Self Mr. Tribhuvan Shankar Darbari – His Wife is Mrs. Neelkamal Darbari, IAS, Additional Chief Secretary, Govt. of Rajasthan & very recently posted in the rank of Additional Secretary, Govt. of India/Managing Director, SFAC, Ministry of Agriculture, Cooperation & Farmers Welfare, Govt. of India. She was earlier posted as Joint Secretary in Ministry of Chemicals & Fertilizers and NDMA (Ministry of Home Affairs), Govt. of India. d.    Mr. Vishnu Darbari, Chief General Manager, National Highways Authority of India, Ministry of Road Transport. His Wife is Dr. Mrs. Shikha Darbari, IRS, Commissioner Income Tax Department of Revenue, Ministry of Finance. e.    Mr. Mahesh Darbari, AGM, Coal India Limited (Under Ministry of Coal ) – His Wife is Mrs. Shalini Darbari, IRAS, was earlier posted as Director, Railway Board & General Manager / Finance, Dedicated Freight Corridor Corporation of India Ltd., A Govt. of India (Ministry of Railways). Currently posted as Financial Advisor & CAO, Northern Railway, New Delhi. 3.    Sisters a.     Mrs. Vijaylaxmi Saxena married to Mr. B.B. Saxena, IAS, formerly Chief Secretary/ Development Commissioner, Govt. of Goa/Govt. of Delhi. b.    Mrs. Durga Saxena, married to Mr. K.K. Saxena, IRTS, Formerly General Manager, Diesel Locomotive Works (DLW), Railway Coach Factory, Kapurthala, NCR Zonal Railway,  Ministry of Railways. c.     Mrs. Jaishree Chandra, married to Mr. Parmesh Chandra, IAS, Formerly Additional Chief Secretary, Govt. of Rajasthan and now Chairman, Rajasthan State Commission.