HPCL, BPCL sale likely within 6-8 months

By SiliconIndia   |   Wednesday, 19 February 2003, 08:00 Hrs
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NEW DELHI: India will complete the sale of cash-rich oil refiners Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) in six to eight months, Disinvestment Minister Arun Shourie said on Wednesday.

The government plans to offer 34.01 percent in Hindustan Petroleum Corp Ltd to a strategic partner and make a public offer of 35.2 percent in Bharat Petroleum Corp Ltd in domestic and international markets.

"The transactions (of HPCL and BPCL) will take six to eight months," Shourie told lawmakers in parliament.

The government has already invited initial bids for HPCL, ignoring trade union threats to stall the sale.

Employees of state-run oil firms have threatened to block the HPCL selloff by going on strike and not allowing bidders to inspect the company's installations.

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