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BPCL stake sale likely
From the govt planning to offload its Rs 400 billion stakes in BPCL to four- and two-wheeler sales falling by almost half in Aug from the equivalent month last year. Govt may sell entire stake in BPCL worth Rs 400 billion, IOCL likely suitor
The Centre is planning to offload its entire stake worth a little more than Rs 400 billion in Bharat Petroleum Corporation (BPCL), most likely to fellow state-owned oil-marketing company Indian Oil Corporation (IOCL), a deal that will go a long way in the Narendra Modi government meeting its highest-ever disinvestment target of Rs 1.05 trillion.
If it goes through, an IOCL-BPCL merger will be the third mammoth amalgamation of state-owned companies, excluding banks, in three years — after Oil and Natural Gas Corporation (ONGC)-Hindustan Petroleum Corporation (HPCL) in 2017-18 and REC (formerly Rural Electrification Corporation)-Power Finance Corporation (PFC) in 2018-19. Both deals had a major role in helping the Centre garner record divestment proceeds.
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