New Delhi: The Union Cabinet has approved the disinvestment of the government's stake in five state-run companies — Bharat Petroleum Corporation Ltd (BPCL), Container Corporation of India (CONCOR), Shipping Corporation of India (SCI), THDC and NEEPCO. The news was announced by Finance Minister Nirmala Sitharaman at a press conference late on Wednesday night. She, however, refused to comment on whether the strategic sale will take place by the end of this financial year.
While stating that the government will sell all of its 53.29 percent stake in BPCL, Sitharaman said that the disinvestment of the state-run refiner will take place without Numaligarh Refinery. "Govt will disinvest all of 53.29 percent stake in BPCL. Numaligarh Refinery will be with the government only. It shall not go in for disinvestment," said the minister.
The minister also said that the Cabinet has given a nod to the disinvestment of THDC and NEEPCO and the Centre's stake in these companies will be purchased by NTPC Ltd. The deal is expected to cost NTPC Rs 10,000 crores. Commenting on the government's decision to cut down stake in PSUs to below 51 percent, Sitharaman said that the Centre will cut the stake only so much so as to retain management control.
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