BPCL selloff in 6 months
The government, which is set to fully exit Tata Communications, is optimistic about some of its other proposed divestments such as BPCL and Air India.
This was indicated by the department of investment and public asset management (Dipam) secretary Tuhin Kanta Pandey in an interview to a TV channel.
He said while the BPCL stake sale will be completed in the second quarter of the next fiscal, the selloff in Air India will be done in the first quarter.
Meanwhile, the government’s share sale of 16.12 per cent in Tata Communications, previously known as VSNL, was subscribed 2.19 times by institutional investors, Pandey said on Tuesday. The clearing price was greater than the floor price. The issue will open for retail investors on Wednesday.
The Union government had set a floor price of Rs 1,161 per share. Here, he pointed out that based on the price discovery, the Centre will be selling the rest of the stake to the Tata group.
On Tuesday, Anurag Thakur, minister of state for finance, said Dipam is also processing the sale of non-core assets of two strategic sale-bound PSUs — BEML and Bridge & Roof Ltd.
“The government has so far given an in-principle approval for strategic divestment of 35 CPSEs and subsidiaries/units/joint ventures of central public sector enterprises out of which eight have been completed,’’ he said in a reply to a question.
BPCL completes Bengal projects
Bharat Petroleum Corporation Ltd announced completion of two projects worth Rs 270 crore in Bengal.
The company, which has a combined 38 per cent market share of petrol and diesel in Calcutta, modernised Budge Budge oil terminal with an investment of Rs 170 crore.
Built at the turn of 20th century, the terminal is capable of meeting entire requirement of the city and adjoining districts, after doubling capacity. Moreover, BPCL also built a pipeline for Rs 100 crore to connect oil jetty at Haldia port to its installation nearby, ensuring smooth function.