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Cabinet approves strategic disinvestment of public sector oil company BPCL

In one of the biggest privatisation drive , the Union Cabinet has approved the strategic disinvestment of five Central Public Sector Enterprises.

The government will sell its 53.29 per cent stake in Bharat Petroleum Corp Ltd. after taking out Numaligarh Refinery from its portfolio along with transfer of management control to a strategic buyer.

Besides BPCL, the CCEA has also approved strategic disinvestment of government’s shareholding in shipping corporation of India. Sale of an entire 63.75 per cent government holding in SCI and a 30.8 per cent stake in Container Corp of India has been approved.

The government will sell its entire holding in THDC India and North Eastern Electric Power Corp Ltd to state power generator NTPC Ltd.

In another major decision, the Union Cabinet has approved import of 1.2 lakh metric tonnes of onions to improve the domestic availability of the key kitchen staple and check prices.

In a major relief to telecom companies, the cabinet has given nod to two-year moratorium on spectrum payments. The move to defer payments for 2020-21 and 2021-22, will give 42,000 crore rupees relief to Bharti Airtel, Vodafone Idea and Reliance Jio.

Recently, Prime Minister Narendra Modi had told some representatives of welfare associations of unauthorised colonies that a bill would be brought to implement the decision.

The government has also cleared the legal framework to grant ownership rights to people living in unauthorised colonies in Delhi.

The proposal is applicable to 1,797 identified unauthorised colonies spread over 175 square-km of the national capital inhabited by people from lower income groups.
 

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