New Delhi, Nov 30: The Union Cabinet today gave its approval to Bharat Petroleum Corporation Ltd (BPCL) to sell 49 per cent of its equity stake in Bharat Shell Ltd (BSL) BSL to Shell or its affiliate for Rs 152.40 crore.
The proposed sale will enable the state-run BPCL to withdraw from a joint venture which has a competing business interest -- production and sale of branded lubricants in India, said a statement.
This will enable BPCL to concentrate on building and promotion of its own brand of lubricants resulting in improved brand image, higher growth, efficiency and profits.
The joint venture had an authorised capital of Rs 250 crore and a paid up capital of Rs 200 crore. Bharat Shell also marketed LPG to both domestic and industrial consumers.