Economy

Union Cabinet Approves Sale of 51% Stake in Bharat Petroleum

As another step towards privatisation, the Union Cabinet has approved the sale of more than five major public sector entities. One of these public sector units (PSUs) is Bharat Petroleum Corp Ltd (BPCL) and Shipping Corporation of India.

The government has also taken a stand to cut shareholding percentage in select public sector firms to below 51% in order to boost revenue collections. Currently, the revenue collections are hit by the slowing economy.

Also Read: Finance Minister to Come up with the Motion to Sell Air India

Finance Minister Nirmala Sitharaman confirmed that the Cabinet Committee on Economic Affairs (CCEA) has approved the sale of government’s stake, 53.29%, along with the transfer of management authority of the country’s second-biggest state-owned Bharat Petroleum Corp Ltd (BPCL). The government has already lost control of Numaligarh refinery.

In addition, the government has approved the sale of an entire 63.75% stake in Shipping Corporation of India (SCI) and a 30.8% stake in Container Corp of India (CONCOR).

For any clarifications/feedback on the topic, please contact the writer at apoorva.n@cleartax.in

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

2 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

2 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

2 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

2 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

2 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

2 months ago