As the government is considering to fully privatise State-owned fuel retailer Bharat Petroleum Corporation Ltd (BPCL), officials in the finance ministry claim that the government had already repealed the legislation by which the firm was nationalised and therefore, there is no need to now seek Parliament nod before selling it off to private and foreign firms. “The Act (that nationalised BPCL) has been repealed and there is no need for a Parliament approval for the strategic sale of BPCL,” said a financial ministry official.
As announced in the budget, the Central government is considering selling most of its 53.3 per cent stake in BPCL to a strategic partner. Last week, a group of secretaries on strategic disinvestment has approved the sale of government’s entire shareholding in BPCL.
