Cabinet approves Sale of Government stake in CPSEs

On 20 Nov, the Union Cabinet approved the sale of government’s stake in Bharat Petroleum Corporation Limited (BPCL), Shipping Corporation of India (SCI) and freight-linked container corporation of India (CONCAR). The move was a major step towards privatization.

Finance Minister Nirmala Sitharaman  said  that the government has also approved to bring down the stake in selected public sector companies to below than 51 per cent. Numaligarh refinery will be separated from BPCL, the country’s second-largest refinery company. The government’s decision came after the Cabinet Committee on Economic Affairs (CCEA) meeting. These companies are – Tehri Hydro Development Corporation India Limited (THDC), Bharat Petroleum Corporation Limited (BPCL), North Eastern Electric Power Corporation Limited (NEEPCO), Shipping Corporation of India (SCI) and Container Corporation of India (CONCOR).