Disinvestment committee agrees to privatization of HPCL and Bhart Petroleum by sale of equity through a Public offer. Oil Major ONGC has been barred from bidding for the two oil PSUs. Disinvestment minister Mr. Arun Shourie addressing the press said, " 34.01 per cent would be offloaded to a strategic partner, 5 per cent to the employees and 12 per cent to be retained by the Government in the case of HPCL. And in the case of BPCL the public issue will be 35.2 per cent, 5 per cent for employees and 26 per cent to be retained by the Government. There's no time frame set for the privatization process yet.

Source: Deccan Herald