New Delhi: The central government is disinvesting in public sector companies to deposit funds. In this episode, the government-owned petroleum marketing company Bharat Petroleum Corporation Ltd. (BPCL) is being completely handed over to private hands. This is also possible because the government has repealed BPCL's nationalization law in 2016. In such a situation, BPCL will no longer need parliament's permission to sell to private or foreign companies.
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However, at one time it was being said that the approval of Parliament would have to be taken for the privatization of BPCL. Under the Repeal and Amendment Act, 2016, 187 idle and outdated laws have been abolished. It also includes the 1976 law through which the Burmah Shell was nationalized. According to a senior official, this law has been abolished.
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In such a situation, the approval of Parliament is not required for BPCL. Explain that the government wants to bring multinational companies in the domestic fuel retailing business, so that competition increases. In this sequence, the government is ready to sell its entire 53.3 per cent stake in BPCL to a strategic partner. There is a possibility that privatization of BPCL could lead to considerable turmoil in the domestic fuel retailing business. Because the sector has been dominated by public sector companies over the years.