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National News

Nov 21, 2019
8:12AM

Union Cabinet approves sale of govt stake in five CPSEs

Tweeted by AIR
The government has approved sale of its stake in five Central Public Sector Enterprises, CPSEs. The Cabinet Committee on Economic Affairs, CCEA, gave its nod to strategic disinvestment in Bharat Petroleum Corporation Limited (BPCL), Shipping Corporation of India (SCI), Container Corporation of India (CONCOR), North Eastern Electric Power Corporation Limited (NEEPCO) and Tehri Hydro Development Corporation India Limited (THDC).

The resources unlocked by the strategic disinvestment of these CPSEs would be used to finance the social sector and developmental programmes of the government, benefiting the public. In 2015, the government reinitiated the policy of strategic disinvestment in order to open up sectors for private enterprise to bring efficiency in management that would contribute to general economic development.

Briefing media after the CCEA meeting yesterday, Finance Minister Nirmala Sitharaman said the government will sell its 53.29 per cent stake in BPCL after taking out Numaligarh Refinery from its portfolio along with transfer of management control to a strategic buyer. She said Numaligarh Refinery in Assam will be carved out of BPCL before privatization and taken over by another PSU. 

Ms Sitharaman said the CCEA approved strategic disinvestment of Government's shareholding of 63.75 per cent in SCI, 30.8 per cent in CONCOR along with transfer of management control to a strategic buyer, 74.23 per cent in THDCIL and 100 per cent in NEEPCO along with transfer of management control to National Thermal Power Corporation.
 
The CCEA also approved reduction of government's stake in select PSUs below 51 per cent, while retaining the management control. This is intended to widen the bandwidth of disinvestment window in select CPSEs. This will also help in pursuing the objectives of disinvestment, i.e. spreading the wealth of the nation among a greater number of people, promoting efficient management of Government investment in CPSEs and increasing contribution of the CPSEs towards higher economic growth.

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