BPCL and ConCor disinvestment unlikely to be completed in current FY. Government has so far met only 16.5% of disinvestment goal. First coal auctions to be held in current fiscal.
Slow and Steady Loses the Race: The government is racing against time to keep to its disinvestment commitments.
Ensuring that the disinvestment of BPCL and ConCor before the current fiscal ends is important for the revenue-strained government, which has also set an FY20 disinvestment target of ?1.05Lcr.
Such strategic transactions usually require about four months’ time once expressions of interest (EoIs) are invited. But so far, even EoIs have not been floated for the sale of the above-mentioned two PSUs (and Air India’s too). Financial Express
Selling its 53.3% stake in BPCL (worth ?60,000cr) and its 30.8% stake in ConCor (worth ?11,000cr) is important for the government since, so far, it has met only 16.5% of its disinvestment target. Given the decelerating GDP growth and sub-par direct and indirect tax collections, this is more bad news in an already grim situation. Livemint
Coal Me Maybe: The first tranche of coal auctions for commercial mining will reportedly begin this FY. In the next five years, over 200 coal blocks could be auctioned, having the potential to produce at least 400m tonnes of coat at peak capacity. ET Metals & Mining
How well do you know the top news of the last week? Have a go at our TheWeekThatWas Quiz and test your wits.