BPCL executive says privatisation will unlock value for company

FILE PHOTO: A private security guard stands in front of the regional head office of oil refiner Bharat Petroleum Corp (BPCL) in Kolkata, India, November 28, 2019. REUTERS/Rupak De Chowdhuri/File photo

NEW DELHI (Reuters) - Privatisation of Bharat Petroleum Corp will unlock value by increasing investment and technology, its chairman told a shareholders meeting on Monday.

“This (privatisation) is expected to unlock tremendous value through sharpening of professionalism, improvement in efficiencies, increased investments, access to advanced technologies and newer global markets and product diversification, thus propelling future growth,” K Padmakar said.

The government is targeting that sale of its 53.29% stake in BPCL in this fiscal year ending March 2021. But the privatisation could spill over into the next fiscal year, according to a government document and sources.

Reporting by Nidhi Verma; Editing by Kim Coghill