Deals
India Mulls Selling Stake in Refiner to Overseas Oil Firm
- Modi is said to consider ceding control of Bharat Petroleum
- India will need to amend laws for privatization of BPCL
The Bharat Petroleum Corp. refinery in the Mahul area of Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India is considering a plan to sell the nation’s second-largest state refiner and fuel retailer to a global oil company as it explores options to give up its controlling stake in Bharat Petroleum Corp., people with knowledge of the matter said.
The government is keen to lure multinational companies in the domestic fuel retailing to boost competition and shake up a sector that’s long been dominated by state-run firms, the people said, asking not to be identified as the plan is not public. The Business Standard newspaper reported on Sept. 2 government’s plan to sell a majority stake in the company. It holds 53.3% in BPCL.