more than 12,000 Bharat Petroleum Employees On Strike Against Privatisation
It is expected that this privatization process of BPCL will attract global energy majors to the economy since India is the world’s fastest-growing major oil market. How Will This Happen
20 November, the Cabinet Committee on Economic Affairs (CCEA) approved the sale of the government’s entire stake in BPCL.
According to that, the potential bidders will have to submit an expression of interest (EoI) and after due diligence will be asked to submit price bids as part of the privatization process.
The valuation of BPCL’s assets will be carried out by an outside “asset valuer” as the government has set a 50-day deadline for the same.
The earnings from this sale will be very significant for the government since it will help to contain its fiscal deficit amid lower-than-expected goods and services tax collections and a corporate tax cut that will cost the exchequer? 1.45 trillion.
As per the news, the government is planning to sell its 53.3% stake in the company which may account for it? 60,000 crore.