Balmer Lawrie & Company, whose 61.97 per cent stake is slated to be divested by the Centre, is unlikely to be sold off during the current fiscal.
The divestment ministry said on Thursday that the inter-ministerial group on the divestment of Bharat Petroleum Corporation would meet next week to discuss the quantum of shares to be offered in the domestic and global markets.
The divestment ministry is now all set to flag off the process of divestment in Bharat Petroleum Corporation with the Inter-Ministerial Group scheduled to meet on February 13.
Attorney General Soli Sorabjee has said the sale of stakes in two state-run oil refiners does not need parliamentary approval.
Divestment Minister Arun Shourie said on Tuesday that his ministry had furnished all the facts to Attorney General for getting his opinion on the legal aspects of privatising public sector oil company, Hindustan Petroleum Corporation.
The petroleum ministry has invited bids from companies willing to share Hindustan Petroleum Corporation Ltd's proposed Rs 1,367 crore Mundra-Delhi product pipeline capacity.
Attorney-General Soli Sorabjee's response on the privatisation of Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd is likely to be known later this week.
A day ahead of a crucial meeting of the Cabinet Committee on Divestment, Defence Minister George Fernandes said he favoured public sector units like Oil and Natural Gas Corporation to be allowed to bid for HPCL.
Differences between ministries of divestment and petroleum are likely to surface at Fridays meeting of the Cabinet Committee on Divestment as the former is believed to have proposed keeping public sector units.
Disinvestment Minister Arun Shourie said Tuesday the SEBI has initiated an investigation into the fall of share prices of BPCL and HPCL.
State-run Oil and Natural Gas Corporation approached the petroleum ministry on Thursday with an initial proposal for permission to bid for Hindustan Petroleum Corporation as and when the government decides to offer its stake in the PSU.
Petroleum Minister Ram Naik said on Wednesday that he would forward to the Cabinet Committee on Divestment the proposals from public sector units under his ministry to bid for Hindustan Petroleum Corporation Ltd after examining individual proposals.
After ONGC and IFFCO, state-run gas firm GAIL on Tuesday said it would bid for acquiring controlling stake in oil refiner Hindustan Petroleum Corporation if it was permitted by the government policy.
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
Divestment Minister Arun Shourie will soon make a statement on stake sales in two state-run oil firms following a consensus reached on the issue by a group of top ministers.
In 16 days, petrol price has been hiked by Rs 8.3 per litre and diesel by Rs 9.46 - a record increase in rates of the fuel in any fortnight since pricing was deregulated in April 2002.
Deputy Prime Minister L K Advani on Thursday termed as an "obstacle" the Supreme Court ruling halting the privatisation of oil firms HPCL and BPCL and said the government will "manoeuvre" it to keep the momentum of divestment programme.
State-run Bharat Petroleum Corp has offered to take Hindustan Petroleum Corp as equal partner in the Rs 6,354 crore (Rs 63.54 billion) Bina refinery in Madhya Pradesh.
ONGC will submit a proposal to the Union government for acquiring Hindustan Petroleum Corporation Ltd's entire 16.97% stake in Mangalore Refinery & Petrochemicals Ltd at Rs 37.75 per share even though HPCL is not keen to divest its holding.
The increase in rates announced by oil firms is excluding state levies and the actual hike will be higher.
Hindustan Petroleum Corporation Ltd plans to invest over Rs 2,787 crore (Rs 27.87 billion) in raising its Mumbai and Vizag refinery capacities through de-bottlenecking and process upgradation for higher volumes and better fuel quality.
The government will hold veto power on all crucial decisions in the privatised Hindustan Petroleum Corporation Ltd through the 'golden share' clause in the share-holders agreement.
Oil and Natural Gas Corporation is likely to buy 16.95 per cent stake of Hindustan Petroleum Corporation Ltd in Mangalore Refinery and Petrochemicals Ltd for about Rs 550 crore.
Hindustan Petroleum Corporation on Saturday reported a net loss of Rs 22.14 crore (Rs 221.4 million) for the second quarter ended September 30, 2005 as against a net profit of Rs 294.31 crore (Rs 2.94 billion) in the quarter ended September 30, 2004.
The Oil and Natural Gas Corp has asked the government to review the scheme of sharing of liquefied petroleum gas and kerosene subsidy with upstream firms and said the scheme should not be extended beyond March 2004.
Petrol and diesel prices are likely to go up by at least Rs 2 per litre after the Lok Sabha polls, once the current freeze on revising prices in step with the cost of the raw material -- crude oil -- is lifted.
Hindustan Petroleum Corporation has proposed to shed about 11 per cent of its workforce by offering the surplus staff a VRS, the Rajya Sabha was informed on Tuesday.
ChevronTexaco has bid for a stake in state-run Hindustan Petroleum Corp Ltd, India's second-largest oil refiner and retailer.
Hindustan Petroleum Corporation Ltd has posted a net profit of Rs 3306.22 million for the quarter ended December 31, 2002
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