Business News: Government will sell stake in five companies including BPCL

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The NDA government has approved the disinvestment of five government companies, including Bharat Petroleum Corporation Limited (BPCL).

In a press conference on Wednesday night, Finance Minister Nirmala Sitharaman has informed about these major decisions of the central government.

The Finance Minister said that Bharat Petroleum Corporation Limited (BPCL) along with Container Corporation (CONCOR), Tehri Hydro Development Corporation India Limited (THDCL), North Eastern Electric Power Corporation Limited (NEEPCO) and Shipping Corporation (SCI) also approved disinvestment. Milli
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Cabinet decisions

1. The central government will sell 53.4% ​​stake of two big companies, BPCL and 63.5% stake of Shipping Corporation. The center holds 53.29 per cent stake in BPCL.

2. BPCL's 61% stake in Numaligarh Refinery is not included in the disinvestment process. The Cabinet has approved strategic disinvestment by relinquishing the stake of Numaligarh Refinery and handing over management control to BPCL.

3. Cabinet has approved to bring the shareholding below 51 per cent. That is, apart from BPCL, after the government sells its investments in four other government companies, the government's stake will be below 51 per cent.

4. Apart from BPCL, strategic disinvestment of Shipping Corporation ie Shipping Corporation of India has also been approved. 63.75 percent sale of government in Shipping Corporation of India and disinvestment of 30.9 percent stake in Container Corporation were also approved.

5. The Cabinet has also approved strategic disinvestment in CONCOR, THDCIL with handing over management control. The government currently holds 54.80 per cent stake in Concor.

6. National Thermal Power Corporation (NTPC) will buy central government stake in THDCIL. Apart from this, the company will also buy government stake in North Eastern Electric Power Corporation Limited (NEEPCO).

7. The Cabinet has approved reducing the government's stake to less than 51 percent in select public sector undertakings like Indian Oil by continuing the management control.
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The government has set a target of raising Rs 1.05 lakh crore in the financial year 2019-20 with the help of disinvestment. So far, about Rs 17365 crore has been raised.

According to the news agency PTI, in the backdrop of the news of the proposed disinvestment of Bharat Petroleum (BPCL), a member of Congress in the Lok Sabha on Wednesday called such a decision harmful for the national interest and asked the government to reconsider it.

Raising the subject under Rule 377, Hebi Eden of Congress said that according to reports, a principled decision has been taken to disinvest BPCL, which is harmful for the national interest.