Cabinet approves stake sale of five public sector undertakings...

Cabinet approves stake sale of 5 PSUs Shares of Bharat Petroleum Corporation (BPCL), Shipping Corporation of India (SCI) and Container Corporation of India (Concor) are being sold. Shares of Cochin Refinery will be sold along with the shares of BPCL. The announcement was made by Finance Minister Nirmala Sitharaman after the Cabinet meeting.

It will sell 53.29 per cent stake in BPCL and 30.9 per cent stake in SCI. The sale of these shares will be made after the Assam-based Numuligad Refinery is excluded from the BPCL. The announcement was made at a press conference convened after the cabinet meeting.

Shares of government-owned shares of THDC India and North Eastern Electric Power Corporation Limited are being sold. At the same time, the stake in PSUs will be reduced to 51 per cent. The same applies to selected PSUs including Indian Oil Corporation. The Cabinet Committee on Economic Affairs has approved the largest share sale in the history of India. Earlier, the finance minister had announced the sale of Bharat Petroleum and Air India as the country's financial crisis worsened.

Reliance Jio and Vodafone-Idea had also received a concession. The two-year moratorium has been announced for the telecom companies which have been paid arrears to pay the spectrum auction. The move comes after a committee comprising secretaries had suggested that the telecom companies were affected by the current economic downturn.