No time frame for BPCL, HPCL disinvestment, says Shourie

New Delhi: Union Minister for Disinvestment Arun Shourie has said the government will sell its shares in Bharat Petroleum Corporation (BPCL) through the public offer route while Hindustan Petroleum Corporation (HPCL) will be privatised through a strategic sale.

Shourie also said the government will ensure that disinvestment does not result in creation of private monopolies. It will address this crucial aspect of disinvestment, raised by Defence Minister George Fernandes and Petroleum Minister Ram Naik through the enactment of Competition Bill, 2002, which was cleared by the Union Cabinet recently.

The government, however, has not set a timeframe for divestment in these two firms as the modalities on the quantum of strategic sale and public offer will now have to be finalised and submitted to the Cabinet Committee of Disinvestment for approval.