Union Cabinet Likely to Approve 100 percent FDI in BPCL varpat– News18 Hindi

New Delhi. 100 percent Foreign Direct Investment (FDI) can be approved in Bharat Petroleum Corporation (BPCL) by the Union Cabinet. This will help in speeding up the process of disinvestment. Full FDI is allowed in private refinery companies, while in government companies it can be in the ratio of 49 to 51.

Center will have to make some changes in the rules
The government holds a majority stake in the public sector refinery companies. Sources told CNBC Awaaz that the government now wants to get out of BPCL completely. There will be a need to make some changes in the rules for allowing 100% FDI in BPCL. Opening of FDI in this government company will increase the number of bidders and it can be privatized soon.

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Buyer company will get all these rights
The central government has decided to sell its entire stake in BPCL to a private company. This is part of the government’s asset monetization scheme. The private company that buys it will have refining and marketing assets as well as exploration assets.

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Center trying to sell Air India
The government is making a lot of efforts to reach this year’s disinvestment target. There is a report that by changing the benefits of Air India’s employees, this government airline can be made attractive to the bidders. There have been earlier attempts to sell Air India, but the bidders have not shown much interest.

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