The privatization of BPCL is expected to attract global energy majors given that India is the world’s fastest-growing major oil market. The government plans to meet at least a third of its ₹1.05 trillion disinvestment target by selling its stake in BPCL. A core group of secretaries on divestment approved the privatization of BPCL on 30 September. This is not the first time that a Bharatiya Janata Party-led government has mooted the privatization of BPCL. The Narendra Modi government which enjoys a majority has repealed the legislation, clearing the way for the stake sale.

Source: Mint October 20, 2019 18:11 UTC