Cabinet approves PSU stake sell including BPCL and SCI

The cabinet on Wednesday, November 20, approved the divestment of select CPSEs including BPCL, SCI, and CONCOR. The BPCL and SCI traded lower in early trade on BSE.

Total seven Central Public Sector Enterprises (CPSE) were given nod under governments divestments plans. Talking about stock-specific stake details, BPCL will see 53.2 per cent stake sell from the government. It excludes 61 per cent equity shareholding in Assam-based Numalighar Refinery. The entire management control of BPCL is to be transferred to strategic buyers after divestment.

The government will sell 53.75 per cent in SCI under the divestment program along with management control transfer and the Container Corporation (CONCOR) will witness the government selling 30.8 per cent with management control to strategic byers.

The North Eastern Electric Power Corporation Limited’s (NEEPCO), which is engaged in operating and maintaining power stations in North Eastern Region of India, will be sold to NTPC. The finance minister, in a press conference on Wednesday, stated that NPTC will further have the control and management of THDC with a 74.23 per cent stake sell.

At 11.00 AM, BPCL and SCI traded down by 2.34 per cent and 4 per cent each while CONCOR traded with marginal gains of 0.5 per cent on BSE.