Air India and Bharat Petroleum Will be Sold to Private by Government of India

Finance Minister Nirmala Sitharaman revealed that Air India and Bharat Petroleum will be sold by the government by March next year (2020). Reportedly Air India has been facing a huge debt of INR 58,000 crore which has made the Government of India take the decision.

Sitharaman quoted Air India's debt and stated that "a lot of interest" among the investors had cost them big.  "We are moving on both with the expectation that we can complete them this year. The ground realities will play out," Sitharaman added.

It has to be mentioned that Air India faced a huge loss of INR 4,600 Crore in the last financial year especially because of the increase in oil prices and forex losses.

As far as Bharat Petroleum Corporation is Concerned (BPCL), a group of companies had reportedly agreed to sell the government's entire 53.29 per cent stake in October.

As per NDTV report, the government is expected to get INR 65,000 crore by selling the 53 per cent of Bharat Petroleum stakes which has a market capitalisation of INR 1.02 lakh crore.