The government gives Green Flag to the greatest privatisation drive; to sell shares in SCI, BPCL, Concor
The union cabinet, this Wednesday, approves the sale of the government’s shares in the oil industry BPCL, shipping industry SCI and Concor which is the inland cargo mover, as an outcome of the greatest privatisation drive ever. In particular public sector firms, they have decided to minimize the shareholding below 51 per cent in order to revamp from the degrading economy by multiplying revenue collections.
After removing BPCL Numaligarh refinery from its area, the Cabinet Committee on Economic Affairs also called CCEA, allows to sell government’s total 53.29 per cent share inclusive of transfer of control of management in the nation’s second-largest state-owned refinery, BPCL, said Finance Minister, Nirmala Sitharaman.
Adding to this, the stake of 30.9 per cent in Container Corp of India alongside, entire 63.75 per cent stake in Shipping Corporations of India has also been approved to be sold off.
Presently, the government holds 54.80 per cent share in Concor.
Apart from this, the government has also decided to sell it’s complete holding in THDC India and North Eastern Electric Power Corp Ltd to NTPC Ltd, which is the state power generator, confirmed the minister.
While trying to absorb management control, the Cabinet has also approved to lessen government’s stake in selected PSU’s like Indian Oil Corporation to less than 51 per cent.
Currently, the government owns 51.5 per cent in Indian Oil Corp due to Oil India Ltd, state-owned Life Insurance Corp of India and Oil & Natural Gas Corp(ONGC), out of which it’s capable of selling up to 26.4 per cent for around Rs 33,000 crores.