BPCL’s strategic sale goes much beyond the money that will flow into the government’s coffers, because it will be India’s biggest fuel market reform since 2002.
If the government moves fast on strategic sale, consolidation among various public sector units, and bringing down its stake to below 51% in CPSEs, it may achieve its disinvestment target.
The new JV in which 51% will be owned by Mukesh Ambani-led RIL will build a pan-India fuel retail service station network and also sell aviation fuel to airliners.
Ranked 106, Reliance Industries has replaced IOC (117) as the top-ranked Indian company on the 2019 list. RIL’s revenue soared 32.1% from $62.3 billion in 2018 to $82.3 billion in 2019.
After a 19-day brake in the lead up to the Karnataka elections, oil marketing public sector units raised rates of petrol and diesel on the first working day after the votes were cast.
