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BPCL privatisation: No Cabinet decision yet on govt's disinvestment plans

It is being speculated that the Union Cabinet may take up a proposal to privatise BPCL as early as next week.

Press Trust of India  |  Mumbai 

BPCL privatisation: No Cabinet decision yet on govt’s disinvestment plans

State-owned Bharat Petroleum Corporation Ltd (BPCL) has not received any official communication from the government on a proposal to privatise it, a top official said.

There is a possibility of government selling its 53.29 per cent stake along with management control in oil marketing and refining firm for about USD 10 billion (around Rs 70,900 crore)

"As far as the privatisation issue is concerned, has not been told anything officially so far. I have not got any idea of any other information about any concrete proposal from the government side," director (finance) N Vijayagopal told reporters on Friday.

He said the Cabinet is yet to take a decision for of

"The decision can be taken at the level of the Cabinet committee and that has not happened so far," Vijayagopal said.

It is being speculated that the may take up a proposal to privatise BPCL as early as next week.

Stake sale in BPCL is critical for the government to meet its target of Rs 1.05 lakh crore set for the current fiscal year.

First Published: Fri, November 08 2019. 15:55 IST
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