Divestment Not On The Cards, But Govt Open To Rationalisation, Efficiency Gains For Its Oil Firms

Union Minister Hardeep Singh Puri (File image. Source: Hardeep Singh Puri/X) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The government of India is open to efficiency gains for its listed oil companies, but is not considering a stake sale at the moment, Petroleum Minister Hardeep Singh Puri said on Friday.

When asked about any plans to cut stake in state-owned oil and gas firms, Puri countered, "As of now, the government has a few oil companies, and all of them are making thousands of crores in profit every quarter,” he said. “Why will we disinvest? To make somebody rich?” he told reporters during a meet in Mumbai.

The ministry is open to some kind of a rationalisation in terms of cross-holdings or some efficiency gains, but a complete stake sale for the purpose of p