The Narendra Modi led central government is planning to sell its stakes in Bharat Petroleum Corporation Ltd (BPCL), Container Corporation of India (CONCOR) and Air India by March 2020, claims a Reuters report.
The government hopes to raise Rs 60,000 crore from these sales to meet the divestment target of Rs 1.05 lakh crore it has set in the current financial year.
The government prefers to sell these public sector units to private local and foreign firms after the Prime Minister’s Office (PMO) expressed reservations over Finance Ministry’s decision to sell stakes of one public unit to another.
This was observed in case of ONGC buying Hindustan Petroleum. The PMO has thus directed that a government company cannot be sold to another government entity in a bid to infuse privatisation.
It was reported a few days ago that the Union government is seriously exploring the option of privatising the country’s second-largest public sector refiner Bharat Petroleum Corp Ltd (BPCL) and is open to selling it to a global oil and gas major.
Global energy majors like Shell, Total, Aramco have shown interest in picking up government’s stakes in BPCL.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.