India Targets $20 Billion From State-Run IPOs By FY30 Under New Monetisation Plan

The Government of India aims to raise ₹1.79 lakh crore from stake sales in state-run companies through initial public offerings (IPOs) by the 2029/30 financial year, according to a report released on February 23, 2026, by NITI Aayog.

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The planned IPOs form part of a broader strategy to raise $183.7 billion by monetising state assets over the next four years, the report stated. The programme covers sectors including railways, power, petroleum and natural gas, aviation, and coal.

According to NITI Aayog, the IPO target follows the first four-year asset monetisation plan, under which ₹5.3 lakh crore was raised by 2024/25, achieving nearly 90% of the ₹6 trillion target set by the government.

Stake Sales Across Railways, Power, And Energy

Under the new plan, the government intends to divest stakes in seven railway companies through IPOs, which could raise ₹8,3700 crore by 2030, the report said. Of this, ₹17,000 crore is targeted to be raised through stock market listings in the financial year beginning April 1, 2026.

The government also plans to list subsidiaries of state-run power firms to mobilise ₹31000 crore over the next four years. In addition, ₹48300 crore is expected to be raised through IPOs of subsidiaries of Coal India Limited and renewable energy assets of NLC India Limited, according to the report.

The Airports Authority of India will sell its stake in one subsidiary and in four airports owned through joint ventures with private partners, NITI Aayog stated.

In the financial year 2027/28, the government plans to list GAIL GAS, a subsidiary of GAIL (India) Limited, with the potential to raise ₹3100 crore.

Fiscal Context

The report stated that funds raised through asset monetisation are directed to the respective firms for reinvestment. Minority stake sales and privatisation remain part of the government’s broader effort to reduce the fiscal deficit, although specific annual divestment targets have not been set after 2024.