Numaligarh Refinery Spared from Portfolio of BPCL ahead of 'Disinvestment'

Guwahati, November 21, 2019:

Numaligarh Refinery has been spared from the portfolio of Bharat Petroleum Corp Ltd. which is enlisted in the Union Cabinet’s strategic disinvestment of five Central Public Sector Enterprises.

The government will sell its 53.29 per cent stake in Bharat Petroleum Corp Ltd. (excluding NRL) along with transfer of management control to a strategic buyer.

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Apart from BPCL, the Cabinet Committee on Economic Affairs (CCEA) has also approved strategic disinvestment of the government's shareholding in the shipping corporation of India. An entire sale of 63.75 per cent government holding in SCI and a 30.8 per cent stake in Container Corp of India has also been approved.

In its move of privatization, the government will sell its entire holding in THDC India and North Eastern Electric Power Corp Ltd to state power generator NTPC Ltd.

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The cabinet has given nod to a two-year moratorium on spectrum payments, providing a relied on the telecom companies. The move to defer payments for 2020-21 and 2021-22, will give 42,000 crore rupees relief to Bharti Airtel, Vodafone Idea and Reliance Jio.

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