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India Approves Privatization of State-Run Refiner

  • To cede control in BPCL, Shipping Corp., Container Corp.
  • To cut stake in some firms below 51%, while retaining control
Two men sit on the roof of a truck cab near a Bharat Petroleum Corp. refinery in the Mahul area of Mumbai, India.

Two men sit on the roof of a truck cab near a Bharat Petroleum Corp. refinery in the Mahul area of Mumbai, India.

Photographer: Dhiraj Singh/Bloomberg
Updated on

India launched its biggest privatization drive in more than a decade, offering majority stakes in three state-owned companies in a bid to raise funds to bridge a widening fiscal gap and boost a slowing economy.

The cabinet committee on economic affairs decided Wednesday to sell the government’s entire stake in the country’s second-largest state refiner, Bharat Petroleum Corp., and India’s largest shipping company, Shipping Corp. of India Ltd. It also approved transferring ownership of Container Corp. of India Ltd., Finance Minister Nirmala Sitharaman said in New Delhi. A proposal to pare stakes below 51% in some companies, while still retaining control, was also approved.