Bharat Sanchar Nigam Ltd Employees Union on Friday extended support to the proposed indefinite strike of employees of public sector oil companies against privatisation of HPCL and BPCL.
Consequent to the Supreme Court's verdict on HPCL, BPCL divestment the government is understood to have halted the sale of its residual equity in privatised companies like Videsh Sanchar Nigam, IBP and IPCL.
'At the best, government can go in for a review,' Attorney General Soli Sorabjee said about the Supreme Court verdict stalling the divestment of HPCL and BPCL.
The Indian government has lifted the ban on setting up of petrol pumps and cooking gas agencies by allowing state-run oil firms to appoint dealers on their own.
For first time in 8 yrs, stake sale proceeds could exceed Budget Estimates. ONGC's acquisition of HPCL alone could get the exchequer more than Rs 30,000 crore.
What are the implications of the new players coming into the retail segment on existing companies like BPCL, HPCL and IOC? \n\n\n\n
No divestment of oil PSUs during during the month-long recess of the current Budget session of Parliament beginning March 14, Parliamentary Affairs Minister Sushma Swaraj categorically assured Lok Sabha on Thursday.\n\n
The government on Wednesday ruled out privatisation of Indian Oil, Oil and Natural Gas Corporation and Gas Authority of India Ltd and assured all security concerns would be taken care of while divesting public sector oil
IMF chief Horst Kohler, who is in Dubai to World Bank Group and IMF meetings, did not comment on the issue of BPCL and HPCL divestment.
Divestment Minister Arun Shourie on Tuesday said that the opinion of the law ministry and the Attorney General will be taken on Supreme Court ruling staying privatisation of HPCL and BPCL, which he described as a 'major setback' to reforms.
Labour unions on Monday threatened to go on a lightning strike the day government invited bids for privatising highly profitable oil public sector units HPCL and BPCL.\n\n\n\n
The government on Friday awarded 20 oil and gas blocks for exploration and production -- 14 of which went to Oil and Natural Gas Corporation and partners.
The government had last year excluded those with an annual income of more than Rs 10 lakh from LPG subsidy
The Sensex opened on a positive note and is up 9 points at 5,074. The Nifty is up 3 points at
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
The Sensex ended eight points lower at 5,195. The Nifty closed at 1,631 - down 8 points.
Making a strong case for increasing prices of petrol and diesel, the government on Tuesday said cash loss of four major oil companies was alarming at a whopping Rs 1516 crore (Rs 15.16 billion) in a single month of July this year due to steep rise of
Reliance Industries is seeking about Rs 400 crore (Rs 4 billion) from state-owned oil retailers in unrealised amount on liquefied petroleum gas and kerosene, it sells to them.
Although the future of Direct Benefits Transfer (DBT) on liquefied petroleum gas (LPG) is uncertain for now, the upcoming vote-on-account is likely to account for about Rs 1,300 crore that was transferred to the bank accounts of customers in the form of subsidy.
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
The Cabinet Committee on Divestment is likely to meet on Sunday to consider various issues relating to the privatisation of HPCL and BPCL, following a favourable opinion given by Attorney General Soli Sorabjee.
The inclusion of Tata Consultancy Services in the BSE Sensex from June may act as a drag on it in the same way as it dampened movement in the Nifty since April 19, when the company announced its disappointing Q4 results.
Divestment Minister Arun Shourie on Thursday declined to comment on reports that Indian companies would be kept out of bidding in the divestment process relating to public sector oil companies.
The petroleum ministry is likely to advocate allowing its public sector units like ONGC to bid for acquiring management control in oil refiner HPCL, which the government on Monday said would be put on the block.\n\n
Rediff.com readers wish the Indian coach on his 49th birthday.
The Sensex opened marginally higher with a gain of two points at 5,566.
The wider NSE Nifty touched a low of 10,652.40 before finishing at 10,671.40, showing a loss of 97.75 points, or 0.91 per cent.
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