The Union Cabinet today gave its approval for sale of 49% equity stake of Bharat Petroleum Corporation Limited (BPCL) in BSL to Shell or its affiliate for a consideration of Rs. 152.40 crores in cash.
The proposed sale will enable BPCL to withdraw from a joint venture company which has a competing business interest i.e. production and sale of branded lubricants in India. This would enable BPCL to concentrate on building and promotion of its own brand of lubricants resulting in improved brand image, higher growth, efficiency and profits.
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RCJ/SH/LV
(Release ID :33482)