Cabinet approves disinvestment drive in BPCL and 4 other PSUs

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Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said the Cabinet has given in-principle approval for disinvestment in select central public-sector enterprises (CPSEs).

The government has lined sale of five public sector units (PSUs) including its 53.29percent stake in bluechip oil company Bharat Petroleum Corp Ltd (BPCL) excluding BPCL’s equity shareholding in Numalighar Refinery in Assam.

The sale has granted a stake of 63.75percent in Shipping Corporation of India and 30.8percent in Container Corporation of India (Concor).

The sale of stakes in these firms will allow the Modi government about Rs 78,400 crore bringing it close to the disinvestment target of the fiscal year.

In addition to these, the Cabinet Committee on Economic Affairs (CCEA) under the chairmanship of Prime Minister Narendra Modi cleared the sale of 74.23percent of Tehri Hydro Development Corporation of India and an entire stake of North Eastern Electric Power Corporation (NEEPCO) to NTPC.

“Government’s control will remain intact and while retaining the management control on a case-to-case basis decision will be taken,” said Sitharaman.

The shares of three companies witnessed a jump on the BSE today. BPCL went up 4.9percent to Rs 544.65, Shipping Corporation jumped 9.3percent to Rs 68.35 and Concor went up 1.79percent to Rs 578.

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