In a notable development, the Union Government is planning to sell its entire stake in Bharat Petroleum Corporation Limited (BPCL). Since April 2021, the government has allowed bidders to access the financial data of BPCL and some bidders have even held meetings with BPCL management.
BPCL is an Indian government oil and gas corporation under the ownership of Ministry of Petroleum and Natural Gas. Currently, the government has a 53 per cent stake in the BPCL, which is valued at around Rs 509 billion. Privatisation of BPCL is expected to play a vital role in the Union Government’s attempt to raise capital to make up the fall in tax revenues.