BPCL

bpcl,-concor-and-air-india-sale-to-be-delayed;-likely-after-march

BPCL, Concor and Air India sale to be delayed; likely after March

It is likely that the government may not be able to complete sale of BPCL, Concor, and Air India by March-end. Actually the government has to respond to what the potential bidders ask for. Sometimes, they seek time to examine financial statements. Sometimes, they want to do physical due diligence.

The delay in divestment plans comes when the government’s fiscal deficit has touched 115 per cent of the FY20 Budget estimate by November. Besides, revenue from other sources such as taxes is also likely to fall short of the target. The government may miss the tax target of Rs 24.6 lakh crore by at least Rs 2 lakh crore on account of the corporation tax rate cut, lacklustre GST collections, and the economic slowdown. As much as 42 per cent of the revenue collections (excluding cess and surcharge) will go to states.

The government had set a disinvestment target of Rs 1.05 lakh crore for 2019-20. However, in FY20 so far, the government has managed to raise Rs 17,364 crore through disinvestment; 84 per cent of its disinvestment target is yet to be realised.

03 Jan 2020
tenure-of-additional-charge-of-cvo-bpcl-extended-

Tenure of additional charge of CVO BPCL extended

The tenure of additional charge of the post of CVO, Bharat Pumps & Compressors Limited (BPCL), presently with Alok Ranjan (IPS:1991:MP), has been extended upto 02.03.2020. Ranjan is CVO, BHEL.

16 Dec 2019
bpcl,-concor-and-air-india-sale-to-be-delayed;-likely-after-march

BPCL, Concor and Air India sale to be delayed; likely after March

By IndianMandarins 03 Jan 2020

It is likely that the government may not be able to complete sale of BPCL, Concor, and Air India by March-end. Actually the government has to respond to what the potential bidders ask for. Sometimes, they seek time to examine financial statements. Sometimes, they want to do physical due diligence.

The delay in divestment plans comes when the government’s fiscal deficit has touched 115 per cent of the FY20 Budget estimate by November. Besides, revenue from other sources such as taxes is also likely to fall short of the target. The government may miss the tax target of Rs 24.6 lakh crore by at least Rs 2 lakh crore on account of the corporation tax rate cut, lacklustre GST collections, and the economic slowdown. As much as 42 per cent of the revenue collections (excluding cess and surcharge) will go to states.

The government had set a disinvestment target of Rs 1.05 lakh crore for 2019-20. However, in FY20 so far, the government has managed to raise Rs 17,364 crore through disinvestment; 84 per cent of its disinvestment target is yet to be realised.

tenure-of-additional-charge-of-cvo-bpcl-extended-

Tenure of additional charge of CVO BPCL extended

By IndianMandarins 16 Dec 2019

The tenure of additional charge of the post of CVO, Bharat Pumps & Compressors Limited (BPCL), presently with Alok Ranjan (IPS:1991:MP), has been extended upto 02.03.2020. Ranjan is CVO, BHEL.

tenure-of-additional-charge-of-cvo-bpcl-extended-

Tenure of additional charge of CVO BPCL extended

By IndianMandarins 16 Dec 2019

The tenure of additional charge of the post of CVO, Bharat Pumps & Compressors Limited (BPCL), presently with Alok Ranjan (IPS:1991:MP), has been extended upto 02.03.2020. Ranjan is CVO, BHEL.

govt-feels-bpcl-to-garner-bulk-of-proceeds-for-rs-1.05-tn-disinvestment-targets

Govt feels BPCL to garner bulk of proceeds for Rs 1.05 tn disinvestment targets

By IndianMandarins 07 Dec 2019

The government trying to meet the target of Rs 1.05 trillion by disinvestment to infuse liquidity into the market to perk it up is confident of achieving it in 2019-20 financial year even without the Air India sale this year.

It is learnt from the top government sources that the central government is open to the idea of deferring Air India’s stake sale for the next financial year due to some issues within the government career. However, the disinvestment of Bharat Petroleum Corporation (BPCL) is likely to be completed before March 31, 2020 and it will form the bulk of the proceeds.

There are certain complexities involving the Air India privatisation proposal, including the increasing debt that the aviation company, so its disinvestment will go for next financial year.

chasing-timeline:-disinvest-bpcl-before-march-2020

Chasing timeline: Disinvest BPCL before March 2020

By IndianMandarins 25 Nov 2019

In view of the government to generate Rs 1.05 lakh crore liquidity in 2019-20 fiscal, the disinvestment plan of Bharat Petroleum Corporation (BPCL) by the government has led to a problem for those who have been given the task to execute the deal. Though the officials are confident that BPCL has attractiveness to garner proceeds at a healthy premium for the government exchequer, they are less so when it comes to the deal being completed before fixed time schedule that is March 31, 2020 and so it is counted in 2019-20 divestment proceeds.

Union Cabinet cleared the sale of the government’s entire 53.29 per cent stake in BPCL last week. The plan excludes BPCL’s 61.65 per cent stake in the Numaligarh refinery. Government officials and industry experts are confident that the Centre's stake in BPCL can be sold at a premium of 20-30%.

oil-psus:-centre-plans-cutting-stake-in-ioc-to-below-51%

Oil PSUs: Centre plans cutting stake in IOC to below 51%

By IndianMandarins 15 Nov 2019

The Centre is planning to cut its stake in the IOC below 51% to become a minority shareholder which currently holds 51.5 per cent in the oil major. To boost economic growth, the Central government has been on a divestment spree and has been considering cutting stake in several companies. IOC is the third oil company in which the government plans to cut it stakes.

Besides IOC, ONGC is looking to sell its stake in the recently-acquired refiner HPCL to a strategic investor, possibly an overseas oil company, to regain debt-free status of the company existing prior to the expensive buy.

The plan for HPCL follows the government's go ahead to invite a strategic investor for BPCL where the Centre owns 53 per cent stake. The divestment is important from the fiscal math perspective.

India's fiscal deficit at the halfway mark in 2019-20 stood at 92.6% of budgeted estimates, lower than 95.3% in April-September, 2018-19, helped by transfers from the RBI. With muted tax revenues, the government will have to undertake spending cuts and divest to achieve FY20 fiscal target of 3.3 per cent of GDP. 

many-profit-making-psus-may-be-sold-out-soon

Many profit making PSUs may be sold out soon

By IndianMandarins 26 Sep 2019

This will be for the first time when government completely exits from profit-making Central PSUs. The plan is to bring down government equity to zero in these three companies in phased manner. Though it was indicated in the budget that equity in PSUs would be brought down to below 51 per cent.

Reportedly, the Centre is all set to move a cabinet note for sale of its stake in major PSUs that included BPCL, CONCOR and Shipping Corporation of India (SCI).

At present, the government holds 63.75% equity in SCI, 54.8% in CONCOR and 53.29% stake in BPCL.

The government increased its disinvestment target to over Rs 1 lakh crore for the current financial year in the last budget.

It is also proposing to sell its 75% stake in THDC to NTPC, while 100 percent of its stake in North Eastern Electric Power Corporation Limited (NEEPCO) to NHPC.

 

vijaygopal-selected-for-director-(fin),-bpcl

Vijaygopal selected for Director (Fin), BPCL

By IndianMandarins 28 Aug 2018

The public sector headhunter on Tuesday selected Vijaygopal N  (ED, BPCL) for the post of Director (Finance), Bharat Petroleum Corporation Ltd.

Altogether seven candidates had appeared before the selection board (PESB) for interview namely:

Pankaj Kumar (Director-Finance, Bharat Petro Resources Ltd); Prabhu Venkatesj (CGM, BPCL); Manoj Heda (CGM, BPCL); Debasish Roy (ED, IOCL); Sandeep Kumar Gupta (ED, IOCL);  Kirti  Rao, (ED, Air India).

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Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.

Indianmandarins.com, an initiative of New Media Network, is a multi-media initiative for the fast and real-time dissemination of news and information related to civil services, central PSUs and other institutions that play a critical role in governance, administration, corporate governance, and public life in India. We aspire to provide our esteemed readers with news breaks and situation analysis in the above-mentioned domain of operations. Currently, we are available at www.indianmandarins.com. We are now planning to branch off into print publication and few other related business initiatives.