Privatisation push: Cabinet approves strategic sale of BPCL, 4 other PSUs

Finance Minister Nirmala Sitharaman said privatisation of BPCL will be without the company's equity shareholding of 61.65% in Numaligarh Refinery in Assam

The Cabinet Committee on Economic Affairs on Wednesday approved the strategic disinvestment of the Centre’s entire stake in Bharat Petroleum (BPCL), Shipping Corp, THDC India, and NEEPCO, and most of its stake in Container Corp, while giving up management control in these companies.

It also gave an in-principle approval for the government to reduce stake in certain state-owned companies to below 51 per cent in some while retaining majority stake management control.

These major divestment decisions were taken even as the government races against time to meet its highest ever divestment target of Rs 1.05 trillion for 2019-20. The Centre hopes that