On Wednesday, Finance Minister Nirmala Sitharaman announced that the cabinet had approved a strategic disinvestment of Bharat Petroleum Corporation Limited.
She said: “Cabinet has approved strategic disinvestment of Bharat Petroleum Corporation Limited, of Govt of India share holding of 53.29% along with transfer of certain management control.This is excluding BPCL's equity share holding of 61% stake in Numaligarh Refinery.
She added: “Numaligarh Refinery will be with the government only. It shall not go in for disinvestment. BPCL minus Numaligarh Refinery will go for disinvestment.”
The Finance Minister added that the move would exclude BPCL’s 61% stake in the Numaligarh Refinery in Assam. That will be moved out of the BPCL before the disinvestment and retained
The Union Cabinet also approved the disinvestment of four more PSUs - Shipping Corporation, Container Corporation, Tehri Hydro Development Corporation and North Eastern Electric Power Corporation
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Cabinet approves strategic disinvestment in BPCL along with transfer of management control, excluding stake in Numaligarh Refinery: FM
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