The Asian Age

Govt to sell stake in five top PSUs

Entire 53.29% in BPCL to be sold

- ANIMESH SINGH

In a major decision aimed at boosting its depleting coffers in the face of gloomy economic growth and unemployme­nt breaking decades-old records, the Centre on Wednesday approved strategic sale of its stake in five major public sector undertakin­g, mainly Bharat Petroleum Corporatio­n Ltd (BPCL), Shipping Corporatio­n of India (SCI) and Container Corporatio­n of India (Concor).

The Union cabinet also decided to reduce its shareholdi­ng in select public sector firms below 51 per cent to boost reserves.

The Cabinet Committee on Economic Affairs (CCEA) approved sale of the Centre’s entire 53.29 per cent stake, along with the transfer of management control in the country’s secondbigg­est state-owned refiner BPCL.

Finance minister Nirmala Sitharaman told mediaperso­ns after the Cabinet meeting that the strategic disinvestm­ent of Centre’s entire shareholdi­ng of 53.29 per cent in BPCL along with transfer of management control to a strategic buyer has been cleared. However the government’s equity shareholdi­ng of 61.65 per

cent in Numaligarh Refinery Limited (NRL, which is part of BPCL) and its management control thereon have been kept out of the ambit of the Cabinet decision.

Ms Sitharaman said that NRL will be handed over to a public sector oil company to allay concerns of the Northeast over the decision of the Centre.

The Centre has also decided to divest its 63.75 per cent share in SCI along with transfer of management control to a strategic buyer.

Similarly, in Concor too, the government has decided to divest 30.8 per cent of its share out of the 54.8 per cent equity it holds in the company, along with transfer of management control to a strategic buyer.

Apart from this, the Cabinet also decided to divest its 74.23 per cent shareholdi­ng in Tehri Hydro Developmen­t Corporatio­n India Limited THDCIL along with transfer of management control to an identified CPSE strategic buyer, namely, NTPC, the finance minister informed further.

In North Eastern Electric Power Corporatio­n Limited , the government will completely divest its 100 per cent stake along with transfer of management control to an identified CPSE strategic buyer, namely, NTPC.

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