Government serious about disinvestment in BPCL, may seek tender in January
Government serious about disinvestment in BPCL, may seek tender in January

New Delhi: The central government is in great need of funds at this time. Because government investment is necessary to deal with the slowdown in the market. In addition, there is a need for funds for the operation of large government welfare projects. Therefore, the government is planning to disinvest in the profitable Bharat Petroleum Corporation Limited (BPCL). The government may seek tenders from companies across the world in January. During this time, the government will continue to try to attract foreign investors to invest in the domestic petroleum sector by doing roadshows in many countries. The government wants to sell its entire 53.29 equity stake in the company.

According to an official, the government believes that companies like British Petroleum, ExxonMobil, Shell may be interested in buying equity in BPCL. Keeping this in mind, the government has planned to conduct roadshows in the same parts of the world which are known globally as petroleum hubs. The decision to call the global tenders in January has also been made on this basis.

According to sources, earlier the stake of BPCL was proposed to be sold to state-owned oil marketing company Indian Oil Corporation (IOC). But later, the government has made plans to sell its equity in it to a company of global level. The government believes that buying a equity in BPCL of a global company will lead to the arrival of a large foreign company in India's petroleum sector. This will increase competition in the sector as well as the presence of Indian companies in the world's oil business.

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