The two associations claimed that selling off BPCL will result in a loss, because it is valued at 9.75 lakh crore.
Mumbai: Employee associations of state-run oil companies opposed planned strategic sale of Bharat Petroleum Corporation (BPCL), stating that it may bring revenue for the government but its long-term impact will be adverse.
The government plans to sell its majority stake in the oil marketeer which can help it raise over Rs 70,000 crore. A senior Finance Ministry official had said this week that the sale might be deferred to the next fiscal.
The Confederation of Maharatna Officers Association (COMCO) and Federation Of Oil PSU Officers (FOPO) held a joint press conference here.
The two associations claimed that selling off BPCL will result in a loss, because it is valued at 9.75 lakh crore while the government ownership is 53.29 per cent for which it will be getting a maximum of Rs 7,50,00 crore.
"BPCL is the most efficient profit-making company of the nation, which has been giving Rs 17,000 crore annually since last five years," said Amit Kumar, senior officer of ONGC.
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"We are requesting the government to review the decision of disinvestment of BPCL," he said adding the disinvestment will be a short-term gain but a long-term loss.
If the government wants, it can privatise or divest its stake in some other public sector companies whose performance is poor, he said, adding it will be interesting to see which private company takes over such PSUs.
Energy sector is considered strategically important, and privatization of a public sector company in this sector is a threat to the country's security, said Anil Medhe of BPCL.
Mukul Kumar, convener of the FOPO, said BPCL is the most professionally-run company among HPCL, IOC, and employees are "surprised" by the government's decision.
from NDTV Profit - Latest https://ift.tt/37ElmKm
Mumbai: Employee associations of state-run oil companies opposed planned strategic sale of Bharat Petroleum Corporation (BPCL), stating that it may bring revenue for the government but its long-term impact will be adverse.
The government plans to sell its majority stake in the oil marketeer which can help it raise over Rs 70,000 crore. A senior Finance Ministry official had said this week that the sale might be deferred to the next fiscal.
The Confederation of Maharatna Officers Association (COMCO) and Federation Of Oil PSU Officers (FOPO) held a joint press conference here.
The two associations claimed that selling off BPCL will result in a loss, because it is valued at 9.75 lakh crore while the government ownership is 53.29 per cent for which it will be getting a maximum of Rs 7,50,00 crore.
"BPCL is the most efficient profit-making company of the nation, which has been giving Rs 17,000 crore annually since last five years," said Amit Kumar, senior officer of ONGC.
RELATED
Workers At State-Run Firms Oppose Privatisation Of Bharat Petroleum
Workers At State-Run Firms Oppose Privatisation Of Bharat Petroleum
Government To Trim Stake In Bharat Petroleum, 4 Other State-Run Companies
Government To Trim Stake In Bharat Petroleum, 4 Other State-Run Companies
Cabinet Approves Sale Of Stakes In Bharat Petroleum, Other Public Sector Firms: Nirmala Sitharaman
Cabinet Approves Sale Of Stakes In Bharat Petroleum, Other Public Sector Firms: Nirmala Sitharaman
"We are requesting the government to review the decision of disinvestment of BPCL," he said adding the disinvestment will be a short-term gain but a long-term loss.
If the government wants, it can privatise or divest its stake in some other public sector companies whose performance is poor, he said, adding it will be interesting to see which private company takes over such PSUs.
Energy sector is considered strategically important, and privatization of a public sector company in this sector is a threat to the country's security, said Anil Medhe of BPCL.
Mukul Kumar, convener of the FOPO, said BPCL is the most professionally-run company among HPCL, IOC, and employees are "surprised" by the government's decision.
from NDTV Profit - Latest https://ift.tt/37ElmKm