India weighs promoting the state’s majority stake in Bharat Petroleum Company (BPCL), the nation’s second-largest state-owned refiner, to a world oil firm, Bloomberg reported on Friday, quoting folks with data of deliberations.
As India is presently assessing methods to surrender direct majority management in BPCL, it’s keen to draw worldwide oil corporations to its refining and gas retail market that’s dominated by native corporations, Bloomberg’s sources stated.
India’s authorities plans to sell its entire greater than 50-percent stake in BPCL, Indian outlet Enterprise Normal reported earlier this month.
Based on Business Standard, nevertheless, the most certainly purchaser could be state-controlled Indian Oil Company.
A potential merger between BPCL and IOCL could be the third main deal of mixing state-held enterprises over the previous three years, excluding mergers within the banking sector, Enterprise Normal says.
If the deal succeeds, a BPCL and IOCL merger would comply with the merger between the Oil and Pure Fuel Company (ONGC) and…