Expect completing divestment of BPCL in FY20: Dharmendra Pradhan
The government is planning to complete the privatisation of Bharat Petroleum Corporation Ltd (BPCL) in the current fiscal ending March 2020, Petroleum Minister Dharmendra Pradhan said on Thursday.
The Cabinet on Wednesday approved the sale of entire 53.29% stake in the state-owned fuel retailer to a strategic buyer along with transfer of management control after taking out Numaligarh Refinery Ltd in Assam from its portfolio. The refinery will be hived off before BPCL’s privatisation and will be taken over by another state-owned company, Finance Minister Nirmala Sitharaman said in a press conference.
The government has decided to promote divestment to boost professionalism. Numaligarh Refinery has been carved out of BPCL’s privatisation due to Assam Accord, Pradhan said today.
