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Govt to divest equity in HPCL, BPCL next fiscal

The government said on Tuesday that it will divest its equity in Hindustan Petroleum Corporation and Bharat Petroleum Corporation during the next financial year and announced that Indian Oil Corporation, which acquired petro retailer IBP Co Ltd, on Tuesday, would be kept out of the process.

Divestment Minister Arun Shourie told reporters after a meeting of the Cabinet Committee on Divestment that within three months of dismantling of administered pricing mechanism in the petroleum sector, scheduled for April 1, 2002, proposal for divestment in HPCL and BPCL would be brought.

Details of the proposal are yet to be worked out, he said.

Shourie said IOC has been kept out of the privatisation of the two oil PSUs to ensure competition between public and private sector.

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