Government approves strategic disinvestment of Bharat Petroleum, Shipping Corporation of India and Container Corporation of India.
Privatisations Galore: The government has announced a slew of stake sells - these include from companies like Bharat Petroleum, Shipping Corporation of India, Container Corp of India, THDC India and North Eastern Electric Power Corporation. New Delhi hopes to raise INR1.05Lcr from disinvestment this FY. By September-end, it had managed to raise only INR12,359cr through disinvestment At current market value, about INR63,000cr can be raised from selling the entire 53.3% stake in BPCL alone.
Shares of BPCL, SCI and Container Corp traded mixed throughout the day before closing INR512.10 (-5.97%), INR63.85 (-6.79%) and INR575.15 (-0.52%) respectivel3y. ET Markets
Even as the government divests its entire stake in BPCL, Assam's Numaligarh Refinery, in which BPCL holds a majority stake, has been kept out of the plan. In fact, this refinery will be carved out of BPCL and will remain a PSU. This is due to the Assam Accord of 1985 signed between All India Assam Students Union (AISU) and the central government of the time. Financial Express
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