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Cabinet may take up BPCL privatization this Month

Oil India Ltd

New Delhi: Union Cabinet is likely to take up the strategic disinvestment of the entire stake of the government of India along with transfer of management control in oil marketing PSU – BPCL this month to push ahead of the exercise, sources said.

Cabinet Committee on Economic Affairs could take up the BPCL privatisation issue this month, said sources. Meanwhile, the Department of disinvestment or DIPAM has extended the date of appointment of legal advisor, asset valuer and transaction advisor for the oil marketing PSU to November 25, as per official notice. Bharat Petroleum (BPCL) is a CPSE under the administrative control of the Ministry of Petroleum and Natural Gas. DIPAM had floated RFP or request for proposal on October 11. So far there has been no official statement from the government on stake sale in BPCL on the decision, quantum or date. DIPAM in its RFPs and other communications maintains it as a “CPSE under the administrative control of MoP & NG (Ministry of Petroleum and Natural Gas) with the transfer of management control” while groundwork preparation for the proposed stake sale goes on. The shares of BPCL were at Rs 501.15 on Friday down 2.35 percent. (IANS)

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