Bharat Petroleum has been operating in Bhutan right from the pre – nationalization avatar and today commands 46% market share of Bhutan’s total automotive fuel consumption through its Fuel Stations operated by Bhutan Oil Distributors and Damchen Petroleum.
Who takes Bharat Petroleum?
The refinery on 454 acres of land at village Mahul went on-stream on 30th January 1955 one year ahead of schedule. In January 24 1976 Burmah Shell Group of Companies was taken over by the Government of India to form Bharat Refineries Ltd. In August 1 1977 the company was renamed as Bharat Petroleum Corporation Ltd.
Is India selling Bharat Petroleum?
India has allowed bidders access to the financial data of Bharat Petroleum Corp. as the government moves ahead with plans to sell its entire stake in the country’s second-biggest state refiner, according to people familiar with the matter.
Is government selling Bharat Petroleum?
New Delhi: India has allowed bidders access to the financial data of Bharat Petroleum Corp. as the government moves ahead with plans to sell its entire stake in the country’s second-biggest state refiner, according to people familiar with the matter.
What happened Bharat Petroleum?
As part of the privatization process, BPCL sold its 61.65% stake in Assam-based Numaligarh Refinery Ltd (NRL) for ₹9,875 crore to a consortium of Oil India Ltd (OIL) and Engineers India Ltd (EIL) (49%) and the remaining 13.65% to the Assam government in March.
Who is the owner of Hindustan Petroleum?
Is BPCL privatisation good or bad?
It will also create competition in private companies which will lead to the adoption of new technologies by new management. Overall, privatisation is a good decision but the government should keep transparency in the entire process of selling PSUs.
Why Bharat Petroleum is being sold?
The acquisition is expected to improve the synergy in OIL`s portfolio and it develops an integrated oil operation involving exploration, refining and marketing. Post the sale, the BPCL has three refineries at Mumbai, Kochi and Bina (Madhya Pradesh).
Why is BPCL disinvestment?
The first is the strategic disinvestment of the government’s shareholding of 53.29 per cent in BPCL (except its equity shareholding of 61.65 per cent in NRL) along with transfer of management to a strategic buyer. … The NRL sale is estimated to fetch ₹9,876 crore and, after tax deduction, could net around ₹9,000 crore.
Why is India Privatised?
By allowing the private sector to take over the heavy lifting, attract new capital and increase business efficiency, privatization also ensures that businesses are more sustainable, creating an environment where they can grow, invest and create jobs well into the future.
Is PSU Privatised?
The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 PSU banks and one insurance company, during the current financial year.
What will happen to employees of BPCL after Privatisation?
Repatriation expenses, as payable in case of retirement, will also be paid. Employees who opt for voluntary retirement will be eligible for medical benefits under Post Retirement Medical Benefit Scheme. Also, they would be eligible for encashment of leaves including casual, earned and privilege leaves.