A federal cabinet is expected to evaluate a proposal of selling the government’s stake in state-owned Bharat Petroleum Corp Ltd (BPCL) next week, a government report said on Thursday.
Earlier, it was proposed that completely privatized Bharat Petroleum Corp could attract more interest from giant energy companies including Mukesh Ambani’s Reliance industries.
As per reports, the government is aiming to sell its shares along with its control in the management for $10 billion.
Earlier, it was proposed that completely privatized Bharat Petroleum Corp could attract more interest from giant energy companies, about 53.29 per cent stakes in Bharat Petroleum.
In the past, giants like Saudi Aramco and France’s Total had expressed their interest in setting up their refining operations in India. Private company’s interest levels marginally increased after the federal government brought reforms in the sector, including deregulation of oil prices. Among all experts believe that Mukesh Ambani-led Reliance Industries is considered to be the front contender in buying stakes of BPCL.
(With input from agencies)