Modi 3.0: BPCL privatisation completely off the table, high revenue PSUs need not be sold, says Hardeep Singh Puri

Union Minister for Petroleum & Natural Gas Hardeep Singh Puri announced that the privatisation plans for Bharat Petroleum Corporation Ltd (BPCL) have been shelved. Puri stated that high revenue-generating PSUs like BPCL, which made over Rs 19,000 crore in the first half of FY24, need not be sold. In Q3 FY24, BPCL's net profit surged 82% to Rs 3,181.42 crore. \r

However, Q4 FY24 saw a 30% profit decline due to weakening margins and crude price volatility. Originally, the government aimed to sell its 52.98% stake in BPCL, valued at Rs 45,000 crore, but no initial bids were received. \r

BPCL plans to invest Rs 50,000 crore in a new refinery and Rs 1.7 trillion in various projects over the next five years.