PSUs may be asked to take part in BPCL disinvestment

The government has signalled to at least two of its blue chip firms — Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC) — to be ready to participate in the strategic disinvestment of Bharat Petroleum Corporation Ltd (BPCL), two officials aware of the developments said.

In the 2019-20 financial year, the government, which has been facing a slowdown in growth for six straight quarters, has so far mopped up just ₹17,364.26 crore through disinvestment. In the July 2019 budget, the Centre set a disinvestment target of ₹1.05 lakh crore.

The participation of IOC and ONGC would be a contingency measure in case of a muted response from prospective private bidders, said the officials who spoke on the condition of anonymity.