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Cabinet approves sale of stakes in BPCL, 4 other PSUs

Cabinet approves sale of stakes in BPCL, 4 other PSUs
Highlights

The Cabinet on Wednesday approved sale of government's stake in five blue-chip PSUs, including Bharat Petroleum Corp Ltd (BPCL), Shipping Corp of...

New Delhi: The Cabinet on Wednesday approved sale of government's stake in five blue-chip PSUs, including Bharat Petroleum Corp Ltd (BPCL), Shipping Corp of India (SCI) and Container Corp of India along with transfer of management control, Finance Minister Nirmala Sitharaman said.

The government will sell its 53.29 per cent stake in BPCL along with transfer of management control after taking out Numaligarh refinery from its portfolio, she told reporters here. Numaligarh Refinery will be carved out of BPCL before privatisation and will be taken over by another public sector company, said Sitharaman.

Besides, the government will sell its stake in THDC India and North Eastern Electric Power Corporation Ltd (NEEPCO) to state-owned NTPC Ltd, she said.

Finance Minister said the Cabinet has also approved cutting government's stake in select PSUs below 51 per cent while retaining management control.

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