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Government approval to the biggest privatization drive.

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NEW DELHI: In the biggest privatization drive ever, the Union Cabinet on Wednesday approved the sale. The sale of the government’s stake in blue-chip oil firm BPCL. Shipping SCI and on land cargo mover Concor. s well as decided to cut shareholding in select public sector firms below 51 percent. This is to boost revenue collections that have been hit by the slowing economy.

It also approved the sale of 53.75 percent out of the government holding 63.75 percent. 63.75 per stake in Shipping Corporation of India (SCI) and 3 percent stake in Container Corp of India (Concor).

The government presently holds 54.80 percent in Cosell. The government will sell its entire ownership in THDC. It will sell in India and North Eastern Electric Power Corp Ltd (NEEPCO) to state power generator NTPC Ltd, the minister said.

Parallelly, the Cabinet has authorized reducing the government’s stake in selected PSUs. Such as Indian Oil Corp (IOC) to below 51 percent while proceeding to retain management custody.

The management will proceed to be retained with the government. Subsequently contemplating equity held by other state-run companies in the divested firm.

The government currently clenches 51.5 percent in IOC. Another 25.9 percent through state-owned Life Insurance Corp of India (LIC). Explorers Oil & Natural Gas Corp (ONGC) and Oil India Ltd (OIL) The government can potentially sell 26.4 percent for about Rs 33,000 crore.

Sitharaman said Numaligarh Refinery will be ratified to the public sector oil company. So to allay concerns of the North East over privatization move.

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