Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Govt Approves Biggest Privatisation Drive, Will Sell Stake in BPCL and Four Other PSUs: FM Sitharaman

The government will sell its 53.29% stake in BPCL after taking out Numaligarh refinery in Assam from its portfolio, said Sitharaman.


Updated:November 21, 2019, 11:00 AM IST
facebookTwitter Pocket whatsapp
Govt Approves Biggest Privatisation Drive, Will Sell Stake in BPCL and Four Other PSUs: FM Sitharaman
Finance Minister Nirmala Sitharaman addresses a press conference in New Delhi on Wednesday. (PTI)

New Delhi: In the biggest privatisation drive, the Union Cabinet on Wednesday approved sale of the government's stake in blue-chip oil firm Bharat Petroleum Corporation Limited (BPCL), Shipping Corporation of India (SCI) and onland cargo mover Container Corporation of India (Concor), as well as decided to cut shareholding in select public sector firms below 51% to boost revenue collections that have been hit by slowing economy.

The Cabinet Committee on Economic Affairs (CCEA) approved sale of the government's entire 53.29% stake, along with the transfer of management control in the country's second-biggest state-owned refiner BPCL, after removing the Numaligarh refinery in Assam from its fold, said Union Finance Minister Nirmala Sitharaman at a press conference here.

It also approved the sale of 53.75% of the government holding of 63.75% stake in SCI and 30.9% stake in Concor. The government currently holds 54.80% in the latter.

Besides, the government will sell its entire holding in THDC India and North Eastern Electric Power Corp Ltd (NEEPCO) to state power generator NTPC Ltd, she said.

In a parallel move, the Cabinet has approved reducing the government's stake in select PSUs, such as Indian Oil Corporation (IOC), to below 51% while continuing to retain management control. The management control will continue to be retained with the government after considering equity held by other state-run companies in the divested firm.

The government currently holds 51.5% in IOC and another 25.9% through state-owned Life Insurance Corporation of India (LIC), and explorers Oil & Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) and the government can potentially sell 26.4 per cent for about Rs 33,000 crore.

Sitharaman said Numaligarh Refinery will be handed over to the public sector oil company to allay concerns of the North East over the privatisation move.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 57.25 2.23
Indiabulls Hsg 266.15 -2.31
SBI 322.70 0.84
Maruti Suzuki 7,017.10 1.89
RBL Bank 341.85 0.97
Company Price Change %Gain
Yes Bank 57.25 2.23
Indiabulls Hsg 266.35 -2.22
SBI 322.70 0.91
RBL Bank 341.65 0.84
Maruti Suzuki 7,020.00 2.01
Top Gainers
Company Price Change %Gain
Zee Entertain 294.50 2.36
Adani Ports 374.40 2.25
Yes Bank 57.25 2.23
Maruti Suzuki 7,017.10 1.89
Tata Steel 410.30 1.75
Company Price Change %Gain
Yes Bank 57.25 2.23
Maruti Suzuki 7,020.00 2.01
Tata Steel 410.25 1.81
Tata Motors 164.40 1.80
Vedanta 144.10 1.51
Top Losers
Company Price Change %Gain
TCS 2,086.30 -1.76
Cipla 447.90 -1.66
HCL Tech 552.40 -1.41
HUL 2,001.40 -1.22
GAIL 116.00 -0.98
Company Price Change %Gain
TCS 2,086.15 -1.73
HCL Tech 552.40 -1.39
HUL 2,002.00 -1.16
Tech Mahindra 753.60 -0.58
ITC 242.20 -0.45

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results