Govt sells 49 per cent of Bharat Petroleum to Shell | business | Hindustan Times
Today in New Delhi, India
Dec 15, 2017-Friday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Govt sells 49 per cent of Bharat Petroleum to Shell

The Govt has approved the sale of 49 per cent equity of Bharat Petroleum Corporation Limited to Shell or its affiliate for Rs 1.5 billion.

business Updated: Nov 30, 2007 12:04 IST

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.