Government to sell BPCL, Shipping Corporation and others in privatisation drive

The government has agreed to sell stakes in five state-run companies, to meet its disinvestment target for 2019-20. It has approved the sale of a majority stake in Bharat Petroleum Corporation Limited (BPCL) and sale of holdings in Container Corporation of India Limited and the Shipping Corporation of India. Based on current market prices, the stake sales in these firms will fetch the government about Rs 784 billion. The Cabinet Committee on Economic Affairs also cleared the sale of the government’s entire stake in THDCIL and NEEPCO to NTPC. Meanwhile, the BPCL strategic sale will not include the 61.7 per cent stake the company holds in Numaligarh Refinery Limited. This will be offered to a public sector entity.