**Executive Summary**
This document is the Ministry of Finance Year Ender 2025 report focusing on the Department of Investment and Public Asset Management's (DIPAM) achievements. It highlights DIPAM's role in strengthening public finances through effective capital management, disinvestment, and capacity building. Key achievements include increased dividend receipts from CPSEs and a successful Offer for Sale (OFS) transaction in Mazagon Dock Shipbuilders Limited, as well as leadership and capacity building workshops in January and August 2025.
**Key Points / Main Content**
* **Dividend Receipts from CPSEs:**
* Dividend payouts from CPSEs have consistently increased since FY 2020-21, despite the progressive dilution of Government shareholding through disinvestment.
* This growth is attributed to the Government's efficient capital management policies, enhanced accountability mechanisms, and appropriate spacing of disinvestment transactions.
* Total dividend receipts from CPSEs over the last five financial years have shown a consistent upward trend, exceeding the corresponding Revised Estimates (RE) each year as shown below:
* 2020-21: RE - ₹34,717 crore; Actual - ₹39,750 crore
* 2021-22: RE - ₹59,294 crore; Actual - ₹46,000 crore
* 2022-23: RE - ₹43,000 crore; Actual - ₹59,533 crore
* 2023-24: RE - ₹50,000 crore; Actual - ₹64,000 crore
* 2024-25: RE - ₹55,000 crore; Actual - ₹74,017 crore
* **Offer For Sale (OFS) Transaction:**
* DIPAM used the OFS route to create value for CPSEs, disinvesting 3.61% of paid-up equity in 'Mazagon Dock Shipbuilders Limited'.
* The OFS was launched on April 4, 2025, for the Non-Retail Category and April 7, 2025 for the Retail Category.
* The government realized ₹3,673.42 crore through the transaction after exercising the Green Shoe Option due to oversubscription in the Non-Retail Category.
* **Leadership & Capacity Building:**
* DIPAM undertook focused efforts to enhance leadership and communication capabilities within CPSEs.
* A "Workshop on Enhancing Leadership Communication Skills" was organized on January 17, 2025, in New Delhi, in collaboration with the Capacity Building Commission (CBC).
* The workshop aimed to empower CPSE executives in Finance, Business Development, Strategy, and Communication.
* The Department successfully organized the "Capacity Building Programme on Basics of Financial Markets," conducted by the NSE for officers and employees on August 29, 2025, at India Habitat Centre, New Delhi.
**Impact Analysis**
**CPSE Executives Dealing with Finance, Business Development, Strategy, and Communication**
* **Impact:** Enhanced leadership and communication skills, better equipped to engage with investors and financial analysts, and improved ability to identify communication gaps.
* **Action Required:** Participate in future workshops and training sessions.
**Investors**
* **Impact:** Increased investor confidence due to successful market-based disinvestment and improved dividend performance.
* **Action Required:** Continue to monitor CPSE performance and investment opportunities.
**Officers and Employees**
* **Impact:** Increased knowledge on the basics of financial markets.
* **Action Required:** Apply knowledge learned in the Financial Markets Capacity Building Programme.
Key Entities Referenced
Department of Investment and Public Asset Management (DIPAM): The primary entity responsible for strengthening public finances, enhancing value creation in Central Public Sector Enterprises (CPSEs), and deepening market-oriented reforms through disinvestment.
Central Public Sector Enterprises (CPSEs): Entities whose financial performance and management are the central focus of DIPAM's initiatives, including dividend payments and disinvestment strategies.
Committee for Monitoring of Capital Management and Dividends by CPSES (CMCDC): Inter-Ministerial forum that deliberates dividend pay-outs from CPSEs.
Offer For Sale (OFS): Disinvestment route used by DIPAM to create value for CPSEs.
New Delhi: Location of the Workshop on Enhancing Leadership Communication Skills
Ministry of Finance
Ministry of Finance Year Ender 2025: Department
of Investment and Public Asset Management
(DIPAM)
प्रव तथ: 31 DEC 2025 1:02PM by PIB Delhi
In 2025, the Department of Investment and Public Asset Management (DIPAM) continued to
play a pivotal role in strengthening public finances, enhancing value creation in Central Public
Sector Enterprises (CPSEs), and deepening market-oriented reforms through effective capital
management, strategic disinvestment, and focused capacity building initiatives.
Higher Dividend Receipts from CPSEs
Despite the progressive dilution of Government shareholding in CPSEs through disinvestment,
dividend payouts have consistently increased since FY 2020-21. This growth is attributed to the
Government’s efficient capital management policies, enhanced accountability mechanisms, and
appropriate spacing of disinvestment transactions.
Dividend from CPSEs form an important source of non-tax revenue. Dividend pay-outs are
currently deliberated in a structured manner in the inter-Ministerial forum called Committee for
Monitoring of Capital Management and Dividends by CPSES (CMCDC). There has been a
considerable improvement in the dividend payouts by CPSEs over the last five years.
Total dividend receipts from CPSEs over the last five financial years have shown a consistent
upward trend, exceeding the corresponding Revised Estimates (RE) each year:
Financial Year Revised Estimates (RE) (₹ crore) Actual Dividend Receipts (₹
crore)
2020–21 34,717 39,750
2021–22 59,294 46,000
2022–23 43,000 59,533
2023–24 50,000 64,000
2024–25 55,000 74,017
This demonstrates a significant improvement in dividend payouts by CPSEs, reflecting effective
capital management and enhanced financial performance.
Offer For Sale (OFS) Transaction in Mazagon Dock Shipbuilders LimitedDIPAM also used the Offer for Sale (OFS) route to create value for CPSEs. Disinvestment of
3.61% of the paid-up equity in ‘Mazagon Dock Shipbuilders Limited’ out of Gol's shareholding
of 84.83% in MDL through OFS was launched on 4th April 2025 for Non-Retail Category and on
7th April 2025 for Retail Category. In view of oversubscription, under the Non-Retail Category,
Green Shoe Option was exercised. Gol realized an amount of Rs 3,673.42 crore through the
transaction. Post OFS market price of the stocks has generally witnessed uptrend, adding to
the capital gains o investors.
Value Creation in CPSEs: Leadership & Capacity Building
As part of its broader Value Creation in CPSEs initiative, DIPAM undertook focused efforts to
enhance leadership and communication capabilities within CPSEs. In collaboration with the
Capacity Building Commission (CBC), DIPAM has organized a Workshop on Enhancing
Leadership Communication Skills at New Delhi on 17th January 2025. The workshop aimed to
empower CPSE executives dealing with Finance, Business Development, Strategy, and
Communication, particularly in their engagement with investors and financial analysts. It
enabled participants to identify communication gaps and engage in training sessions and
simulated real-world experiences.
The Department also successfully organized the Capacity Building Programme on Basics of
Financial Markets conducted by the NSE for the officers and employees on 29th August 2025 at
India Habitat Centre, New Delhi.
Through sustained improvement in dividend performance, successful market-based
disinvestment, and targeted capacity building, DIPAM’s initiatives in 2025 reinforced fiscal
strength, promoted investor confidence, and advanced long-term value creation in CPSEs.
***
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