#ChowkidarChorHai: Chant BPCL workers showing protest

New Delhi, Oct 08: The Bharat Petroleum (BPCL) workers chanting 'Chowkidar Chor Hai' slogan in protest as Modi Govt is planning to fully privatize the company by selling all of its 53 per cent stakes.

Earlier, the international Credit Rating Agency Moody's warned of downgrading BPCL to Ba1, if the government goes ahead with privatization by selling its stake to a private entity.

BPCL presently being a state-owned enterprise has a BBB rating that is on par with the sovereign rating. Ba1 rating will be equal to its current baseline credit assessment.

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Industry experts expect global players will come to bid for the assets as it is among the best performing public sector companies in India.

The buyer will have to shell out at least Rs 60,000 crore to buy the government's 53 per cent stake, say, industry experts. The valuation of BPCL was about Rs 1.1 lakh crore last week.