BCCL
Hardeep Singh Puri, who was in charge of civil aviation in the previous cabinet, had the tough challenge of selling Air India. But now, with the Cabinet reshuffle, he will take charge as minister of petroleum and natural gas and will look into the divestment process for Bharat Petroleum Corporation Limited (BPCL).
The government of India plans to sell 53% stake in BPCL. That’s over ₹50,000 crore at current market value and would make for a chunky part of Finance Ministry’s disinvestment target of ₹1.75 lakh crore for the financial year ending March 2022.
Currently, the government is mulling on giving 100% foriegn direct investment in state owned oil refiners to make the road clear for BPCL divestment. At present, FDI is at 49%. Shares of BPCL have gained 22% in the last one year with current price at ₹464.