Finance Minister Nirmala Sitharaman. (Photo Credit: Twitter/ANI )
In the biggest privatisation drive ever, the Union Cabinet on Wednesday approved sale of government's stake in blue-chip oil firm BPCL, shipping firm SCI and onland cargo mover Concor 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 per cent government holding in Shipping Corp of India (SCI) and a 30.8 per cent stake in Container Corp of India (Concor). The government currently holds 54.80 per cent in Concor and will retain 24 per cent stake post sell-off but without any veto powers or management say, Disinvestment Secretary Tuhin Kanta Pandey said.
Besides, the government will 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 per cent while retaining management control.
Other key decisions taken by the Cabinet: