Plans to privatise BPCL suicidal for nation, says PSU officers’ union
Officers union of blue-chip PSUs on Monday opposed the government’s decision to privatise India’s second-biggest oil firm BPCL, saying family silver worth Rs 9 lakh crore is being sold for a fraction of the amount.
The Federation of Oil PSU Officers (FOPO) and Confederation of Maharatna Companies (COMCO), claiming to represent over 70,000 officers of the top state-owned firms, at a press conference said the government was killing the goose which lays golden eggs by privatising the highly profitable Bharat Petroleum Corp Ltd (BPCL).
“Our comprehensive evaluation of the assets of BPCL reveals true worth of BPCL to be Rs 9 lakh crore. Today’s market cap of BPCL is Rs 1.06 lakh crore. Typically, management control fetches 30-40 per cent premium over the market cap.
