India biggest privatisation: Bharat Petroleum Corporation Corporation Ltd. The (BPCL) disinvestment process is progressing well and is expected to be completed by the end of September. Tuhin Kant Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), said this on Thursday. The government is selling its entire 52.98 per cent stake in BPCL. It is being called the biggest privatization of the country till date.
Vedanta Group and Indian Gas of private equity companies Apollo Global and iSquared Capital, think gas, have given a letter of interest to acquire the government stake in BPCL. Addressing the Economic Conference of Times Network India, Pandey said, “The disinvestment process of BPCL is progressing well. We hope that this will be completed in the first half of 2021-22. Earlier this month, BPCL exited Numaligarh Refinery in Assam. BPCL holds its entire stake in Oil India Ltd. And Engineers India Ltd. The alliance was sold for Rs 9,876 crore. The sale of a stake in Numaligarh Refinery has cleared the way for the privatization of BPCL.
Privatization of Air India will be completed in the next financial year
Regarding the privatization of the national aviation company Air India, Pandey said that its process is going on. This will happen in the next financial year. He said that the new wave of coronavirus epidemic has slowed the aviation industry internationally. He said that things will improve after vaccination. When asked about the pipeline of privatization in the next financial year, he said that the companies mentioned by the finance minister in the budget will be privatized.
The target of raising 1.75 lakh crores
The government has set a target of raising Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions in the next financial year. These include two public sector banks and a general insurance company.
Also read, a gas cylinder of 819 rupees is available for only 119 rupees, this will have to be booked
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