Government receives Rs 6,665 crore dividend from BPCL for FY21

Government receives Rs 6,665 crore dividend from BPCL for FY21

The government has received a final of Rs 6,665 crore from privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) for the 2020-21 fiscal, DIPAM Secretary said on Wednesday.

“Govt received final of Rs 6,665 crore from for the FY 2020-21. This includes special on account of gains especially on sale of BPCL’s stake in Numaligarh Refinery in March 2021,” DIPAM Secretary Tuhin Kanta Pandey tweeted.

In March, had sold its entire 61.5 per cent stake in Numaligarh Refinery in Assam to a consortium of Oil India Ltd and Engineers India and the Assam government for Rs 9,876 crore.

The government is selling its entire 52.98 per cent stake in

Vedanta Group and private equity firms Apollo Global and I Squared Capital’s India unit Think Gas have put in an expression of interest for buying the government’s stake.

The government has already indicated that it expects to complete BPCL privatisation in the current fiscal. The sale is key to achieving the Rs 1.75 lakh crore disinvestment target set for 2021-22.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link