Local News

Cabinet approves strategic disinvestment of BPCL, 4 other PSUs

In the biggest privatisation drive ever, the Union Cabinet on Wednesday approved sale of government’s stake in blue-chip oil firm BPCL, shipping firm SCI and onland cargo mover Concor, as well as decided to cut shareholding in select public sector firms below 51 per cent to boost revenue collections that have been hit by slowing economy.

The Cabinet Committee on Economic Affairs (CCEA) approved sale of government’s entire 53.29 per cent stake along with transfer of management control in the country’s second biggest state owned refiner Bharat Petroleum Corp Ltd (BPCL) after removing Numaligarh refinery from its fold, Finance Minister Nirmala Sitharaman told reporters.
It also approved sale of the entire government holding of 63.75 per cent in Shipping Corporation of India (SCI) and 30.9 per cent stake in Container Corp of India (Concor).

The government currently holds 54.80 per cent in Concor.

Inputs from The Economic Times

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