India aims to raise $20 billion from IPOs of state-run firms by 2030

India ⁠said it aims to raise ₹1.79 trillion rupees ($20 billion) from selling stakes in state-run firms through initial public offerings by the 2029/30 financial year, after previously backing away from outright privatisation ‌plans.

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’s top policy think tank NITI Aayog said in a ‌report released ⁠late on Monday (February 23, 2026).

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 rupees by ​2024/25, nearly 90% of the ‌government’s 6 trillion rupee target.

India has previously struggled to raise funds through outright privatisation of state-run firms and has more recently focused on monetising assets and subsidiaries of these companies to raise capital for reinvestment.

Modi’s government ‌deferred plans to privatise state-run companies after he failed to get a ​complete majority in the 2024 general elections.

Funds raised via asset monetisation go directly to firms to reinvest and can limit the ⁠burden on government finances to recapitalise these firms while maintaining their status as government entities.

Minority stake sales and privatisation form an important part of the government’s overall ‌plan to reduce its budget gap, even as New Delhi stopped setting specific targets for divestment after 2024.

Stake sales in state-run firms

Under the new plan, the government aims to divest stakes in seven railway companies through IPOs that could potentially fetch ₹837 billion by 2030, the report said.

It targets raising ₹170 billion 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 ₹310 billion over the next four years, alongside 483 billion rupees 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 ₹31 billion, ​NITI Aayog said.