The Union cabinet on Wednesday approved the strategic sale of blue-chip refiner BPCL, shipping firm SCI and onland cargo mover Concor — a decision that could help New Delhi bridge a widening fiscal gap.
The government will also bring down its stake to below 51 per cent in select public sector undertakings such as Indian Oil while retaining management control.
The government’s 53.29 per cent stake in Bharat Petroleum Corporation (BPCL) will be sold to a strategic buyer along with management control.
However, the sale will not include Numaligarh Refinery (NRL) in Assam. The refinery will become a separate entity to be hived off to another state-run firm.
