The government’s stake sale in Bharat Petroleum Corp Ltd (BPCL) is likely to see bids from international oil giants such as Saudi Aramco, Rosneft, Kuwait Petroleum, ExxonMobil, Shell, Total SA and Abu Dhabi National Oil Co. The government plans to offload 53.29% share stake in BPCL.
In the Union Budget, the government had pegged the disinvestment target of Rs 1.05 lakh crore for the financial year 2019-20. Stake sale in PSUs is top priority for the government in absence of which fiscal deficit is expected to widen in the next seven months. Lower-than-expected goods and services tax collections and a corporate tax cut that will cost the exchequer Rs 1.45 trillion are expected to add to fiscal deficit this fiscal.
The Department of Investment and Public Asset Management (DIPAM) is conducting the process of hiring investment bankers, legal advisor and asset valuer to execute the BPCL stake sale in the world’s fastest-growing major oil market, according to a report in Livemint. Read More
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