The government wants to start the process of the strategic sale, or privatisation, of BPCL by the end of November and complete the exercise before the end of this fiscal. The PSU is likely to draw the attention of global giants such as Saudi Aramco and Abu Dhabi National Oil Company (Adnoc), who are keen to enter the world’s fastest-growing fuel retail market.
“We are hopeful that the cabinet would consider the strategic sale of BPCL before the end of this month and issue could be taken in Parliament during winter session,” senior finance ministry officials said.
They said the ministry was in favour of selling the government stake to private investors but was not opposed to another PSU taking control.
