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HPCL gets green signal

Dec 9, 2002

Divestment Minister, Mr. Arun Shourie, made the following announcements on the issue of disinvestment in the parliament a short while ago.

  • HPCL will be privatised through sale of stake to a strategic investor.

  • The government holding in BPCL will be brought down through a public offer (IPO).

  • Specific percentage of shares will be offered to employees of both PSUs at 1/3rd the market price.

  • Steps to ensure that no monopoly is created through divestment.

  • The government will create an AMC (Asset management company) to maintain its folio of investments in companies wherein the management control has been sold off to a strategic investor.

No time frame for the proposed divestment has been suggested. The proposal will have to be formally cleared by the oil ministry headed by Mr. Ram Naik.


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