IOC To Take Call On Bidding For Govt's Stake In BPCL: Chairman Sanjiv Singh -

(BS)

Indian Oil Corporation (IOC) will take a call on bidding for the government’s stake in Bharat Petroleum Corporation (BPCL) once it comes to the market, said IOC Chairman Sanjiv Singh. Singh said it was still not clearly stated what was being offered. “There are media reports that Numaligarh Refinery may be carved out. Let it come and then we will see.” He was speaking on the sidelines of the launch of Purvodaya, an integrated steel hub.

He added it was internally discussed and there were advantages either way. If IOC bags it, there are advantages. In the event it doesn’t, there would still be advantages and its capital expenditure (capex) would not get saturated. IOC had its own capex plan, which it would then be free to pursue.

In November, the Cabinet Committee on Economic Affairs (CCEA) approved the sale of government stake in five major public sector undertakings (PSUs): BPCL, Shipping Corporation of India, Container Corporation of India, THDC India (formerly Tehri Hydro Development Corporation), and North Eastern Electric Power Corporation. The government would be handing over management control in each of these divestments to a strategic buyer.