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BPCL privatisation to unlock value for company, says Chairman K Padmakar

The government is targeting that sale of its 53.29% stake in BPCL in this fiscal year ending March 2021

twitter-logoReuters | September 28, 2020 | Updated 13:51 IST
BPCL privatisation to unlock value for company, says Chairman K Padmakar
BPCL's capex is expected to reach Rs 8,000 crore in FY21 and Rs 10,000 crore annually from FY22

Privatisation of Bharat Petroleum Corp will unlock value by increasing investment and technology, its chairman told a shareholders meeting on Monday.

"This (privatisation) is expected to unlock tremendous value through sharpening of professionalism, improvement in efficiencies, increased investments, access to advanced technologies and newer global markets and product diversification, thus propelling future growth," K Padmakar said.

The government is targeting that sale of its 53.29% stake in BPCL in this fiscal year ending March 2021. But the privatisation could spill over into the next fiscal year, according to a government document and sources.

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