The government will disinvest its equity in Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) during the next financial year while keeping public sector units (PSUs) out of the bidding process.
Addressing a press conference after a meeting of the Cabinet Committee on Disinvestment, disinvestment minister Arun Shourie said that within three months of dismantling the administered pricing mechanism (APM) in the petroleum sector, scheduled for April 1, 2002, a proposal for the strategic sale of the government