The government has initiated the process of disinvestment in Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd and is looking for advisors for the strategic sale in the two companies.
Disinvestment minister Arun Shourie told the Lok Sabha today that the government did not, at the moment, have any deadline for the sale of HPCL and BPCL as the completion of the exercise would depend on several factors like market conditions, financial performance of the companies, interest among the bidders and the terms and conditions of the sale.
He said the three-stage disinvestment in aluminium maker Nalco, involving a domestic issue of 10 per cent, ADR issue of 20 per cent and strategic sale of 29.15 per cent, was progressing satisfactorily with the appointment of the global coordinators and advisors recently.
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