BPCL chief hails privatisation move

NEW DELHI: Bharat Petroleum chairman has hailed the government move to privatise the company as ‘tremendous value’ creator, pitting him against union of employees of his company and other state oil firms who are strongly opposing it.

In a letter to BPCLNSE -0.91 % employees, Chairman D Rajkumar has tried to address their anxiety on privatisation and sought their support in ensuring that daily business goes ‘without any disruption’ during transition.

“As the organisation experiences this transition, I urge all of you to be the ambassador of this change, in your own unique ways,” Rajkumar wrote. “Disinvestment of BPCL is expected to unlock tremendous value by way of enhanced professionalism, access to advanced technologiesNSE -1.92 %, newer global market, diversified product portfolio and improved availability of resources, further propelling our growth journey.”