Bharat Petroleum (BPCL) of the semi-govt petrol marketing sector is on the verge of being sold. The Modi government has made full preparations to sell BPCL share (Partnership) on its behalf. In order to avoid legal hurdles, the act which impact the deal has already been removed. There are all signs of bidding in the auction by Mukesh Ambani, the country’s biggest industrialist.
Indian Oil may bid on Bharat Petroleum too
According to a report, apart from Mukesh Ambani’s company Reliance Industries Limited (RIL), the Indian Oil Company can also bid in the auction of BPCL.
Experts believe that privatization will increase after the government of India sells a total of 53.29 percent share (Partnership) in BPCL. There also, it will be difficult to control petrol prices. According to an guess, estimated per BPCL share price may be 700 to 850 rupees.
Experts say that as part of strategic investment, the core group of disinvestment matters has already recommended the government to sell its entire share (Partnership) in Bharat Petroleum.
In such a situation, taking cabinet approval in this deal is just a formality. The Act under which BPCL was nationalized has already been removed.