Centre shelves decision to privatise NRL, NEEPCO to merge with NTPC
First Published: 21st November, 2019 22:34 IST
The government has announced that the Numaligarh refinery will remain under government’s control and will not be privatised. Finance Ministry on Wednesday gave in-principle approval for the sale of its
The government has announced that the Numaligarh refinery will remain under government’s control and will not be privatised.
Finance Ministry on Wednesday gave in-principle approval for the sale of its stake in five Corporate Public Social Enterprises, including Bharat Petroleum Corporation Limited, Shipping Corporation of India and Container Corporation of India.
The approval paves the way for the government to sell 53.2 per cent of its stake in BPCL. But this will not include BPCL’s equity shareholding in Numaligharh Refinery.
The BPCL holds 61.65% share of NRL. The remaining 38.35% share is held by Assam government and Oil India Limited.
Massive protests over the past couple of months triggered the move. Locals staged protest fearing economic slow-down and unemployment as well as other socio-economic problems.
Infact, opposition Congress had also been actively spearheading protests after centre earlier proposed privatization of NRL.
Apart from BPCL, the government has also approved disinvestment in four other central public sector enterprises that includes the likes of Shipping corporation of India, Container corporation of India, THDC India and North Eastern Electronic power Corporation Limited NEEPCO.
NEEPCO will now be merged with NTPC. Government has decided to sell its 74.23% stake in NEEPCO along with management control to state run NTPC.
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