As per the sources the government is keen to lure multinational companies in the domestic fuel retailing to boost competition and shake up a sector that’s long been dominated by state-run firms. The government currently holds a 53.29 percent stake in BPCL, India’s second-largest state refiner and fuel retailer and plans to sell a majority stake in the company.
Prime Minister Narendra Modi’s government has set a record target of raising Rs.1,05,000 crore in the current fiscal year from sale of state firms and offloading its holding in BPCL will help them meet more than 40% of the aim based on its closing price of 12th September.
source: https://www.marketingmind.in/government-considers-selling-bharat-petroleum-corp-to-overseas-oil-firm/?fbclid=IwAR2u-V-2TmRm87y38zNWnCxOKYeA_8_xw_5JyvfmQT2mGmye4bp6n3npck8
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