MUMBAI: Employee associations of state-run oil companies on Saturday opposed planned strategic sale of Bharat Petroleum Corporation (BPCL), stating that it may bring revenue for the government but its long-term impact will be adverse.
The government plans to sell its majority stake in the oil marketeer which can help it raise over Rs 70,000 crore. A senior Finance Ministry official had said this week that the sale might be deferred to the next fiscal.
The Confederation of Maharatna Officers Association (COMCO) and Federation Of Oil PSU Officers (FOPO) on Saturday held a joint press conference here.
The two associations claimed that selling off BPCL will result in a loss, because it is valued at 9.75 lakh crore while the government ownership is 53.29 percent for which it will be getting a maximum of Rs 7,50,00 crore.
