In the current scenario where India’s economy is not doing well so to boost the slowing down economy the Central
Govt. is planning strategic disinvestment of its stake in major 26 PSU’s along
with India’s second-largest oil marketing company The Bharat Petroleum
Corporation Ltd.
Presently BPCL operates four refineries at
Mumbai, Kochi, Bina, and Numaligarh with a combined capacity to convert 38.3
million tons of crude into fuel. It also owns 15,078 petrol pumps and 6,004 LPG
distributors across the country. The Mahratna firm employees around 12,000
people and also clocked a net profit of ₹ 7,132 crores.
The NDA government is planning strategic
disinvestment of BPCL. Last year on November 26, 2019, the Union Cabinet approved
for auctioning all the stakes of BPCL that government holds and raise around ₹40,000
crore in the financial year 2020-2021. “The BPCL will be completely sold by
March 2021,” said Finance Minister Nirmala Sitharaman. She added the BPCL
privatization on track and lots of private firms are interested to buy stakes.
As per the report published in The Indian
Express, Govt. has decided to extend the deadline for bidding of BPCL for the
fourth time in a row from September 30,2020
to November 16,2020 due to the COVID-19 global pandemic. The report also
says the big global energy firms like Saudi Aramco, Abu Dhabi National Oil Co.
(ADNOC), Rosneft of Russia, British Petroleum, and Exxon Mobil intended to
participate in the bidding process.
To rescue the current economic crisis the decision in itself is a prudent move by the Central Government. It's going to be a
great opportunity for India to attract foreign investors and foreign investors
to get access to the world’s fastest-growing energy market.
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