BPCL - Divestment now to be on Fast Track?

Mr Hardeep Singh Puri, new Cabinet Rank Petroleum and Natural Gas Minister, is termed a man of action in the Govt, with promotion having been given to him, to hold Housing & Urban Affairs Ministry as well.  It is learnt that the mandate has been given to the Minister to privatise BPCL, to see that Divestment proceed come to the Govt kitty by December 2021.

BPCL having declared a Dividend of Rs.58 for FY 21 (Rs.35 as One Time Special Dividend plus Rs. 23 normal), in addition to 2 interim dividends, aggregating to Rs. 21, having already been paid. Govt will get dividend of Rs. 6,666 crore in September 21, once Rs. 58 is approved by the shareholders in 68th AGM of BPCL.

If the process of stake sale has to be completed by December 21, AGM to be held by August 21, Dividend to be paid by September 21, Finacial bids to get invited by October 21 and selection of buyer by November 21. All other requisite activities of monetization, buying residual stake, debt reduction has been completed by BPCL.

Has countdown of Govt stake sale of 53% in BPCL begun, with new Minister at the helm?

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