Indian Government to disinvest in 5 PSUs |
Indian government has approved the sale of its stake in five Central Public Sector Enterprises. The Cabinet Committee on Economic Affairs on Wednesday, gave its nod to strategic disinvestment in Bharat Petroleum Corporation Limited (BPCL), Shipping Corporation of India (SCI), Container Corporation of India (CONCOR), North Eastern Electric Power Corporation Limited (NEEPCO) and Tehri Hydro Development Corporation India Limited (THDC). The resources unlocked by the strategic disinvestment of these CPSEs would be used to finance the social sector and developmental programmes of the government, benefiting the public. In 2015, the government reinitiated the policy of strategic disinvestment in order to open up sectors for private enterprise to bring efficiency in management that would contribute to general economic development. After the CCEA meeting, Finance Minister Nirmala Sitharaman said that the government will sell its 53.29 per cent stake in BPCL after taking out Numaligarh Refinery from its portfolio along with transfer of management control to a strategic buyer. She said Numaligarh Refinery in Assam will be carved out of BPCL before privatization and taken over by another PSU. The CCEA also approved reduction of government`s stake in select PSUs below 51 per cent, while retaining the management control.
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