India Weighs Selling Government Stake In Bharat Petroleum


India Weighs Selling Government Stake In Bharat Petroleum

India’s government plans to sell its entire more than 50-percent stake in one of the largest local refiners, Bharat Petroleum Corporation (BPCL), most likely to state-controlled Indian Oil Corporation, Indian outlet Business Standard reported on Monday.

A possible merger between BPCL and IOCL would be the third major deal of combining state-held enterprises over the past three years, excluding mergers in the banking sector, Business Standard says.

If the deal succeeds, a BPCL and IOCL merger would follow the merger between the Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation (HPCL) in 2017-2018 and the REC-Power Finance Corporation (PFC) deal in 2018-2019.

In the summer of 2017, India’s cabinet approved a plan to sell its entire 51.1-percent stake in the third-largest local refiner Hindustan Petroleum Corp (HPCL) to the country’s biggest explorer Read more

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