New Delhi: Yet another state-run company is likely to go up for sale. This time it is Bharat Petroleum Corp. In a bid to lure multinational companies in the domestic fuel retailing and to boost competition in the largely state-owned sector, the government is considering selling off the nation’s second-largest state refiner and fuel retailer to a global oil company, reported The Print.
The Business Standard newspaper reported on Sept. 2 government’s plan to sell a majority stake in the company. It holds 53.3% in BPCL, The Print reported
By giving up its stake in BPCL, the government can help meet more than 40% of its target of raising Rs 1.05 trillion ($14.8 billion) in the current fiscal year from the sale of state firms.
It may be noted that Saudi Arabia and Russia have already invested in oil refining and fuel marketing in India.