BPCL privatisation likely to clear the decks for strategic partner in HPCL

The government’s plan to privatise Bharat Petroleum Corporation (BPCL) is likely to clear the decks for Oil and Natural Gas Corporation (ONGC) to bring in a strategic private or foreign partner in its subsidiary Hindustan Petroleum Corporation (HPCL).

A core group of secretaries on disinvestment on September 30 gave its nod to sell all of the government’s 53.29 per cent stake in BPCL. According to sources close to the development, the government is working on a Cabinet note for BPCL stake sale, and the matter is likely to be taken up by the Cabinet Committee.

BS