Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Government to sell stakes in BPCL, SCI, Concor in biggest-ever privatisation drive

PTI
Updated: November 20th, 2019, 23:59 IST
in Business, Home News
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: In the biggest privatisation drive ever, the Union Cabinet approved Wednesday the sale of government’s stake in blue-chip oil firm Bharat Petroleum Corp Ltd (BPCL), shipping firm Shipping Corp of India (SCI) and onland cargo mover Container Corp of India (Concor) as well as decided to cut shareholding in select public sector firms below 51 per cent to boost revenue collections that have been hit by slowing economy.

The Cabinet Committee on Economic Affairs (CCEA) approved sale of government’s entire 53.29 per cent stake along with transfer of management control in the country’s second-biggest state-owned refinery BPCL after taking out Numaligarh refinery from its fold, Finance Minister Nirmala Sitharaman told reporters here.

Also Read

Zubeen Garg

Assam Police DSP arrested in connection with singer Zubeen Garg’s death

1 hour ago
Majoti Sahil Mohamed Hussein

Watch video: Ukraine claims capture of Indian fighting for Russia

2 hours ago

It also approved the sale of an entire 63.75 per cent government holding in Shipping Corp of India (SCI) and a 30.8 per cent stake in Container Corp of India (Concor). The government currently holds 54.80 per cent in Concor and will retain 24 per cent stake post sell-off but without any veto powers or management say, Disinvestment Secretary Tuhin Kanta Pandey said.

Besides, the government will sell its entire holding in THDC India and North Eastern Electric Power Corp Ltd (NEEPCO) to state power generator NTPC Ltd, the finance minister informed.

The government holds 74.23 per cent in THDCIL and 100 per cent NEEPCO. Sitharaman however, evaded a direct reply to the timeframe for the disinvestments and if the stake sale will happen during the current fiscal year ending March 31, 2020.

Pandey said the due process will be followed in privatisation and timeframe will depend on market interest.

The Cabinet has also approved reducing government stake in select PSUs such as Indian Oil Corp (IOC) to below 51 per cent while continuing to retain management control.

The management control will continue to be retained with the government after considering equity held by other state-owned companies in the divested firm.

The government, currently, holds 51.5 per cent in IOC and another 25.9 per cent through state-owned Life Insurance Corp of India (LIC), and explorers Oil & Natural Gas Corp (ONGC) and Oil India Ltd (OIL), and the government can potentially sell 26.4 per cent for about Rs 33,000 crore.

The stake sales are critical for the government to meet its disinvestment target of Rs 1.05 lakh crore set for the current fiscal year.

The government’s 53.29 per cent stake in BPCL is worth about Rs 63,000 crore going by its closing price of Rs 544.65 on the BSE. At current prices, the government’s 30.8 per cent stake in Concor is worth about Rs 10,800 crore, while stake sale in SCI will fetch just over Rs 2,000 crore.

Last year, the government had sold its entire stake in Hindustan Petroleum Corp Ltd (HPCL) to state-owned Oil and Natural Gas Corp (ONGC) for Rs 36,915 crore.

“The resources unlocked by the strategic disinvestment of these CPSEs would be used to finance the social sector/developmental programmes of the Government benefiting the public. The unlocked resources would form part of the budget and the usage would come to scrutiny of the public,” an official statement from the Finance Ministry said.

“It is expected that the strategic buyer/ acquirer may bring in new management/technology/investment for the growth of these companies and may use innovative methods for their development,” it added.

PTI

 

Tags: BPCLCONCORNirmala SitharamanONGCprivatisationShipping
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Rajashree Manasa Mohanty

December 12, 2019
#MyPaperBagChallenge

Diptiranjan Biswal

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Faiza Firdous

December 12, 2019
#MyPaperBagChallenge

Kamana Singh

December 12, 2019
#MyPaperBagChallenge

Sipra Mishra

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Spinoj Pattnaik

December 12, 2019
#MyPaperBagChallenge

Aman Kumar Barisal

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Anshuman Sahoo

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
#MyPaperBagChallenge

Archit Mohapatra

December 12, 2019
#MyPaperBagChallenge

Pragyan Priyambada

December 12, 2019
#MyPaperBagChallenge

Smitarani Sahoo

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Ankita Balabantray

December 12, 2019
#MyPaperBagChallenge

Geetanjali Patro

December 12, 2019
#MyPaperBagChallenge

Mrutyunjaya Behera

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar Ghibela

December 12, 2019
#MyPaperBagChallenge

Priyasha Pradhan

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Sisirkumar Maharana

December 12, 2019
#MyPaperBagChallenge

Ipsita

December 12, 2019

Archives

Editorial

Military Rhetoric

General Upendra Dwivedi
October 8, 2025

I t is prudent for officials in high positions to speak with care and caution, for their words carry the...

Read moreDetails

Chinese H-1B

Pic- IANS
October 7, 2025

When US President Donald Trump’s administration in a new fiat, made the coveted H-1B visa available to foreigners at a...

Read moreDetails

Toxic Syrup

Cough syrup
October 6, 2025

Drug adulteration is a major scourge in India where an unholy nexus of the all-powerful pharma industry and unscrupulous doctors,...

Read moreDetails

List of Lowlights

October 5, 2025

At the end of every year, the organisation I represent puts out a report on human rights in India. This...

Read moreDetails
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2025 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2025 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2025 All rights Reserved by OrissaPOST