The government is planning to complete the privatisation of Bharat Petroleum Corporation Ltd (BPCL) in the current fiscal ending March 2020, Petroleum Minister Dharmendra Pradhan said on Thursday.
The Cabinet on Wednesday approved the sale of entire 53.29% stake in the state-owned fuel retailer to a strategic buyer along with transfer of management control after taking out Numaligarh Refinery Ltd in Assam from its portfolio. The refinery will be hived off before BPCL’s privatisation and will be taken over by another state-owned company, Finance Minister Nirmala Sitharaman said in a press conference.
The government has decided to promote divestment to boost professionalism. Numaligarh Refinery has been carved out of BPCL’s privatisation due to Assam Accord, Pradhan said today.
On Wednesday, Sitharaman had said the Cabinet has also cleared diluting the government's shareholding in select public-sector undertakings below 51% while retaining its management control.
Pradhan said the government also plans to slowly begin stake dilution in Steel Authority of India Ltd (SAIL). The Centre, however, will retain its management control in the company.
Besides BPCL, the Cabinet approved selling 30.8% stake in Container Corporation of India Ltd to a strategic buyer along with handing over the management control. The government currently holds 54.8% in the company. The Centre will also dilute its 63.75% stake in Shipping Corporation of India Ltd.
The government will sell its stake and transfer its management control in THDC India Ltd and North Eastern Electric Power Corporation Ltd (NEEPCO) to state-owned NTPC Ltd. While THDC India is a 75:25 joint venture between the Centre and Uttar Pradesh government, the government owns 100% stake in NEEPCO at present.