The government may reconsider its decision to bar Indian Oil Corporation (IOC) from bidding for government's stake in Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL).
This was indicated here today by petroleum minister Ram Naik while accepting a cheque from IOC for 33.58 per cent government's equity in IBP Company Limited. Naik said that IOC had protested to the government against the ban on bidding for HPCL and BPCL equity.
IOC's protest note, according to the minister, will be forwarded to the Cabinet for consideration.
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While accepting IOC's offer for the purchase of 33.58 per cent government's equity in IBP, the Cabinet Committee on Disinvestment had said that IOC would not be allowed to bid for HPCL and BPCL since it may create a monopoly situation.
Disinvestment minister Arun Shourie had said that the Cabinet would be approached for strategic disinvestment in the two oil companies within three months of dismantling of administered pricing mechanism (APM) in the petroleum sector on April 1.
Shourie proposes consortiums of firms for disinvestment:
Union minister for disinvestment Arun Shourie has mooted the idea of consortiums of large Indian companies in the process of bidding for strategic public sector units (PSUs).
Speaking to newspersons at the