New Delhi: Bringing an finish to months of anticipation over the federal government reducing its stake in main public sector undertakings (PSU), the Union Cupboard on Wednesday accepted strategic disinvestment in 5 PSUs.
Addressing the media after the Cupboard assembly, Finance Minister Nirmala Sitharaman mentioned the Centre would strategically disinvest Bharat Petroleum Company Ltd (BPCL), Delivery Company of India (SCI), Container Company of India (CONCOR), THDC India Ltd and North Jap Electrical Energy Company (NEEPCO).
The federal government will even surrender the administration management in these corporations, Sitharaman mentioned.
The strategic sale of BPCL, nevertheless, would exclude the oil refiner’s 61 per cent stake in Numaligarh Refinery Ltd in Assam, Sitharaman informed stories.
“Numaligarh will be carved out from BPCL before its disinvestment and would retain its PSU character. The company can be taken over by other CPSE in the oil and gas sector under consolidation,” she mentioned.
At present share value, authorities’s 53.29 per cent stake in BPCL is price round Rs 60,000 crore. That is doubtless to assist the federal government meet its increased disinvestment goal of Rs 1,05,000 crore for the monetary 12 months 2019-2020.
Two of the PSUs underneath the strategic disinvestment plan, THDC and NEEPCO, might be taken over by one other state-run energy main, NTPC.
In one other resolution, the Finance Minister mentioned the federal government would decrease its stake beneath 51 per cent in choose PSUs whereas retaining their administration management. The choice to deliver down Centre’s stake might be taken on a case-to-case foundation, she mentioned.