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Cabinet approves strategic sale of govt stake in BPCL, 4 other CPSEs

Govt's strategic divestment of BPCL will exclude Numaligarh Refinery; management control to be transferred to strategic buyer

BS Web Team  |  New Delhi 

Nirmala Sitharaman
FM Nirmala Sitharaman

on Wednesday announced that the Committee on Economic Affairs (CCEA) had given its in-principle approval to the sale of government stake in five Central public-sector enterprises (CPSEs) — Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India, Container Corporation of India, THDCIL, and NEEPCO.

The sale of stake in BPCL would exclude the company's Numaligarh Refinery, Sitharaman clarified. The refinery will not be part of the process. BPCL’s 61 per cent stake in numaligarh refinery in Assam will be moved to another goverment entity.

The sale of stake will include transfer of management control to the strategic buyers in each of the five CPSEs.

First Published: Wed, November 20 2019. 21:50 IST