BPCL on road to privatisation
A panel of secretaries on Monday approved the privatisation of Bharat Petroleum Corp Ltd (BPCL) and three other PSUs — Shipping Corp of India (SCI), THDC India and Neepco. The secretaries also cleared the sale of 30 per cent of the government’s equity in Container Corp of India (Concor).
The proposal for the strategic sale, or privatisation, will now be taken up by the Union cabinet. If approved, this will be the biggest such exercise since the one undertaken by the Atal Bihari Vajpayee-government in early 2000.
Apart from the cabinet clearance, the sale of BPCL needs to be approved by both the Lok Sabha and Rajya Sabha as the company was formed by an act of Parliament.
