new delhi apr 21 the finance ministry has asked cpses identified for strategic sale to immediately prepare a list of assets and initiate dialogue with potential investors and bidders so that their noncore assets can be monetised quickly such cpses will have an option to either hiveoff noncore assets to a special purpose vehicle spv or transfer sale proceeds of noncore assets to an escrow account to ringfence the realised amount from the rest of the business an official said the government has already identified about 35 cpses for strategic sale these include air india pawan hans beml scooters india bharat pumps compressors and bhadrawati salem and durgapur units of steel major sail the other cpses for which approvals are in place for outright sale include hindustan fluorocarbon hindustan newsprint hll life care central electronics bridge roof india nagarnar steel plant of nmdc and units of cement corporation of india and itdc the central public sector enterprises cpses have also been asked to ensure proper housekeeping of all assets with a view to ensuring better realisation at the time of sale the cpses will be required to immediately start making an inventory of all assets and ensure proper title deeds are available for sale they will have to also interact with potential investors and other stakeholders including state government an official said they will also be required to give suggestions regarding the mode of monetisation of the identified noncore assets the official further said that noncore assets should ideally be hived off to an spv specially created through a demerger to hold and monetise such assets however since the transfer of assets to an spv may involve time and issues like stamp duty the cpses would be permitted to dispose the identified noncore assets on a casebycase basis with the approval of the interministerial group img chaired by secretary in the department of investment and public asset management dipam in such cases the cpses may create an escrow account to park the sale proceeds so as to ringfence these from the rest of the business which is under strategic disinvestment the official added in the case of air india which is undergoing the process of strategic disinvestment the government has already created an spv air india assets holding ltd aiahl the government has transferred rs 29000 crore debt of air india out of the total debt of rs 55000 crore of the airline to aiahl besides proceeds from the sale of four subsidiaries air india air transport services aiatsl airline allied services aasl air india engineering services ltd aiesl and hotel corporation of india hci too would be transferred to aiahl also noncore assets painting and artefacts as well as other nonoperational assets of the national carrier too will be transferred to the spv the dipam had earlier this week come out with guidelines for monetisation of noncore assets of cpses and immovable enemy properties following a cabinet decision in february according to the