Moily expresses shock over BPCL disinvestment decision

Former Union Petroleum minister Veerappa Moily on Thursday expressed shock over the Centres decision on disinvestment of BPCL and called it a retrogressive step.

The Cabinet decision of the Union Government to sell away Bharat Petroleum Corporation Ltd (BPCL), one of the important Navratna Companies of India is really shocking and also a retrogressive step of the present government, Moily, who is also a former chief minister, said in a statement.

Asking the Centre to withdraw its decision, Moily reminded it that the first prime minister Jawaharlal Nehru had nationalised the British company to make India strong in the energy section.

Government of India should withdraw the step taken to sell away an important soul of the Public Sector. There is no reason to sell a profit making company managed by excellent professionals, Moily added in his statement.

Union Finance Minister Nirmala Sitharaman recently announced the sale of BPCL and Air India, Indias state-owned airlines company, by March next year.