Oil Selloffs May Be Completed This Fiscal

The government today ended the three-month-long uncertainty over disinvestment in oil public sector undertakings (PSUs) by announcing a strategic sale in Hindustan Petroleum Corporation Ltd (HPCL) and a public offer for Bharat Petroleum Corporation Ltd (BPCL).

Disinvestment Minister Arun Shourie, who made a suo motu statement in the Lok Sabha earlier in the day, later hinted that the disinvestment process might be completed within this fiscal. In response to a specific query on whether the selloff could be completed this fiscal, the minister said,