You are here: Home » Economy & Policy » News
Business Standard

Govt is targeting to conclude BPCL privatisation in Q1FY22: DIPAM Secretary

The government has recei­ved three preliminary bids to buy controlling stake in the country's second-largest fuel retailer

Topics
Dipam | BPCL | privatisation

Nikunj Ohri  |  New Delhi 

Tuhin Kanta Pandey
DIPAM secretary Tuhin Kanta Pandey

The government is targeting to conclude the of in the first quarter of next fiscal year (Q1FY22), said Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey (pictured) on Thursday.

The disinvestment process is at the due diligence stage, Pandey said at the Aditya Birla Sun Life Mutual Fund's annual investment conclave Voyage. Under this stage, bids are being evaluated after which a share purchase agreement would be signed with the selected bidder.

The government has recei­ved three preliminary bids to buy controlling stake (52.98 per cent stake) in the country’s second-largest fuel retailer. Vedanta is one of them.

Structural reforms needed

Pandey said the Covid-19 crisis has shown that for the Indian economy to catapult to a high growth path, structural reforms are necessary in the medium term. And the new policy should be seen as that.

“This policy is for growth of India, growth of employment and growth of enterprises.”


The policy is not for fiscal management, he said, but should be conceived as how PSUs together with private sector companies grow to really become Aatmanirbhar.

One PSU sale to another not reform

In some cases, consolidation among PSUs may be necessary, but if one PSU is sold to another, it cannot be treated as a reform. A reform is only when the government cedes control of the PSU, he said.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, February 12 2021. 00:10 IST
RECOMMENDED FOR YOU
.