No Cabinet decision yet on BPCL disinvestment

Mumbai: State-owned Bharat Petroleum Corporation Ltd (BPCL) has not received any official communication from the government on a proposal to privatise it, a top official said.

There is a possibility of government selling its 53.29 per cent stake along with management control in oil marketing and refining firm for about $10 billion (around Rs 70,900 crore)

"As far as the privatisation issue is concerned, BPCL has not been told anything officially so far. I have not got any idea of any other information about any concrete proposal from the government side," BPCL director (finance) N Vijayagopal told reporters on Friday.

He said the Cabinet is yet to take a decision for disinvestment of BPCL.

"The decision can be taken at the level of the Cabinet committee and that has not happened so far," Vijayagopal said.

It is being speculated that the Union Cabinet may take up a proposal to privatise BPCL as early as next week.

Stake sale in BPCL is critical for the government to meet its disinvestment target of Rs 1.05 lakh crore set for the current fiscal year.