Govt sells 49 per cent of Bharat Petroleum to Shell | business | Hindustan Times
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Govt sells 49 per cent of Bharat Petroleum to Shell

business Updated: Nov 30, 2007 12:04 IST
IANS
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The Union Cabinet on Friday approved the sale of 49 per cent equity of Bharat Petroleum Corporation Limited (BPCL) to Shell or its affiliate for Rs 1.5 billion in cash.

The proposed sale will enable BPCL to withdraw from a joint venture company that has a competing business interest -- production and sale of branded lubricants in India -- and to concentrate on building and promoting its own brand of lubricants, a government spokesperson said.

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