Here is another idea. Split it into two!.People gunning for OFB don't realize that the privatization of OFB is going to be a disaster.
OFB is a massive entity, from gun carriages to Tanks to parachutes to tents, OFB makes everything with almost complete monopoly. OFB is also sitting on massive cash reserve among it's 41 group companies.
When you remove a malignant tumor from the body, it doesn't solve cancer. If anyone buys OFB, they will do so for the cash reserves and it's orderbook, if the markets are opened and OFB treated on level playing field it will be finished like BSNL.
It needs a MUL type of disinvestment and hands over the management for private players, or to hire really high quality empowered management from the international markets to revamp the industry.
Also due to the huge cash reserve some of the PSU's sit on, their operating cost is almost nothing. If the intent is right, pretty good things can be done to the OFB group companies.
Then disinvest equally. So that the board can have all the power to fire and hire, utilize the land, invest in R&D as they wish. Creative destruction will decide the winners. One of them will return multiple in share value for the government compared to now.