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Biggest Privatisation Drive – Cabinet is ready to Sell Stake In BPCL, SCI, Concor

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In the biggest privatisation drive ever, the Union Cabinet on Wednesday approved the sale of government’s stake in blue-chip oil firm BPCL, onland cargo mover Concor, shipping firm SCI and as well as decided to cut shareholding in select public sector firms below 51 per cent to boost revenue collections that have been hit by slowing economy.

The Cabinet Committee on Economic Affairs (CCEA) approved sale of government’s entire 53.29 per cent stake along with transfer of management control in the country’s second-biggest state-owned refiner Bharat Petroleum Corp Ltd (BPCL) after taking out Numaligarh refinery from its fold, Finance Minister Nirmala Sitharaman told reporters in New Delhi.

It also approved the sale of an entire 63.75 percent government holding in Shipping Corp of India (SCI) and a 30.8 percent stake in Container Corp of India (Concor). The government currently holds 54.80 percent in Concor and will retain 24 percent stake post-sell-off but without any veto powers or management say, Disinvestment Secretary Tuhin Kanta Pandey said.

Besides, the government will also sell its stake in THDC India and North Eastern Electric Power Corporation Ltd (NEEPCO) to state-owned NTPC Ltd, she said. Finance Minister said the Cabinet has also approved cutting government’s stake in select PSUs below 51 percent while retaining management control.

Other key decisions taken by the Cabinet:

  • Telecom companies will have to pay applicable interest on deferred spectrum payments: Sitharaman.
  • Deferred Spectrum payment to be equally spread over the remaining installments without any increase in existing time period: FM.
  • Sitharaman says in view of financial stress faced by telecos, the Cabinet approves deferring receipt of spectrum auction instalments for two years.
  • The Cabinet approves import of 1.2 lakh tonnes of onion to ease domestic supplies and prices: Sitharaman.
  • Union Cabinet approves bill to grant ownership rights to people living in Delhi’s unauthorised colonies, says FM Nirmala Sitharaman.
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