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Shipping Corp- Foresight Group bids to buy Government’s 63% stake

With the unfolding scenarios in the Indian public sector units and turns of the international business groups is quiet in the air. The wave of privatization is underway and the government is finding ways to pave the way for the privatization of India’s second-largest gasoline retailer. And that’s what happened On 1 March, Monday, BPCL (Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) said- “it will exit Numaligarh Refinery situated in Assam by selling its entire stake to a consortium of Oil India Limited and Engineers India Limited for rupees Rs 9,876 crore. 

In conformity with the Assam Peace Accord, the Indian government’s decision of keeping Numaligarh Refinery Limited in the public sector and thus, as a major part of this decision BPCL was to sell its whole stake of 61.65 percent to the state-owned firms. 

Sources added, On March 1, 2021, in a meeting of BPCL’s Board of Directors has endorsed the selling proposal of Equity shares of 445.35 crore help by BPCL in NRL to a consortium of EIL and OIL and to the Assam Government.- Said by the firm in filing to the stock exchanges. 

In addition, Tuhin Kanta Secretary of the Department of Investment and Public Asset Management said in of his tweets- “The privatization wave of BPCL moves forward with BPCL board deciding to exit from NRL at a consideration of rupees 9875 point 96 crore for its 61.6 85% state with transfer of monitoring and control”.

Tweet by Secretary of DIPM- Tuhin Kanta Pandey source: Twitter

Here, is how International Groups express their interest in privatizing Corp 

Several business units and multinational Holdings are showing interest to invest in the consortium all around the globe, to seek better opportunities, and get the best out of the dynamic environment. Among these multiple bidders, Foresight Group is also seen in putting forward offers for the purchase of the entire stake in Shipping Corporation of India declared in recent reports. 

On the same day, in his DIPAM Secretary Tuhin Kanta Pandey said in one of his tweets “multiple declarations of interest have been received for Shipping Corp Privatisation of India Limited. The final date for submitting Requests for Interest was February 13, 2021. And thus, now the translation process will move forward with its second stage. Last year, the cabinet agreed in principle to the mandatory divestiture of shipping and container costs from India, but the plan stagnated as a result of the global pandemic. 

Furthermore, the Foresight Group also bid on a consortium with GMS based in Dubai and Exmar NV based in Belgium. This clearly demonstrates that there is no way for businesses to lose better opportunities to grow and prosper in a highly competitive world. While on the other hand, Indian business group “Adani group” and Essar group haven’t seen bidding for Corp Privatisation, recent reports convey. 

Lastly, the matter being enclosed by the Budget speech of Finance Minister Nirmala Sitharaman who stated- “the transactions of several corp limited namely BPCL, Air India, Shipping Corp of India, IDBI Bank, BEML Limited, Neelachal Ispat Nigam Limited shipping Corp of India and others would be completed in 2021-22. Moreover, the government has already received a number of requests for the privatization of Air India, Pawan Hans, and BPCL. 

Moreover, the government has revised the budget targeted at Rs 32,000 crore for the current fiscal year. While having a divestment target of about 1.75 lakh crore that about 5 times what they are attempting to target right now. 

Note: This news is based on millions of articles over the internet, Global Business Line does not take any responsibility for the facts and information mentioned in this news article.

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