Cabinet likely to take up Bharat Petroleum stake sale issue by October-end

The Union Cabinet is likely to take up the stake sale of Bharat Petroleum Corporation (BPCL) by the end of this month. The government is expected to sell its entire 53.29 per cent in BPCL within this financial year. The government is expecting interest from various global and private sector partners, including Adani-Total, Reliance-BP, and Saudi Aramco, to aggressively participate in the bidding. 

A person close to the development said a Cabinet note in this regard was floated for inter-ministerial consultation and the Cabinet may clear it by October 24 or by the end of this month. 

“A Cabinet note was sent for consultation to various ministries, including corporate affairs, law and finance earlier this month,” he said. The move is expected to help the government in meeting disinvestment target of Rs 1.05 trillion for the current year.