The disinvestment process of individual CPSEs has evolved over time and is based on decision-making through inter-ministerial consultations and involvement of professionals and experts, in view of the technical and complex nature of transactions and the need for transparency and fair play. The current disinvestment process involves the following steps :

1. In-principle consent by the Administrative Ministry of the CPSE concerned.
2. Approval of the proposal to disinvest by CCEA.
3. Constitution of an Inter-Ministerial Group (IMG) with the approval of the Finance Minister to guide and oversee the disinvestment process.
4. IMG appoints Advisers for the transaction including Merchant Bankers/ Book Running Lead Managers (BRLMs)/ Legal Advisers.
5. Presentation by BRLMs before High Level Committee (HLC) on valuation.
6. HLC recommends price band/ floor price to 'Alternative Mechanism' taking into consideration the recommendation of the BRLMs.
7. Approval by 'Alternative Mechanism' of recommended price band/ floor price, method of disinvestment, price discount for retail investors and employees, etc.