The Union Cabinet on Wednesday approved strategic disinvestment of Bharat Petroleum Corporation Limited (BPCL) -- 53.29 per cent -- along with the transfer of certain management control, Union Finance Minister Nirmala Sitharaman said.
"The Union Cabinet has approved the strategic disinvestment of Bharat Petroleum Corporation Limited -- 53.29 per cent -- along with the transfer of certain management control," Sitharaman told reporters after the Cabinet meeting.
"This is excluding the BPCL's equity shareholding of 61 per cent in Numaligarh Refinery ... It will be with the government only. It shall not go in for disinvestment. BPCL minus Numaligarh Refinery will go for disinvestment," added Sitharaman.