35-595: Bharat Petroleum Corporation Limited ( BPCL ) is an Indian public sector oil and gas company, headquartered in Mumbai . It is India's second-largest government-owned downstream oil producer , whose operations are overseen by the Ministry of Petroleum and Natural Gas . It operates three refineries in Bina , Kochi and Mumbai . BPCL was ranked 309th on the Fortune Global 500 list of
70-442: A GATE score. In 1951, there were five PSUs under the ownership of the government. By March 2021, the number of such government entities had increased to 365. These government entities represented a total investment of about ₹ 16,410,000,000,000 as of 31 March 2019. Their total paid-up capital as of 31 March 2019 stood at about ₹200.76 lakh crore. CPSEs have earned a revenue of about ₹24,430,000,000,000 + ₹1,000,000,000,000 during
105-724: A joint venture between GAIL, Bharat Petroleum and the Government of Delhi to implement a city gas distribution network. The company went public in 2003, listing on the Bombay Stock Exchange and the National Stock Exchange . As of 31 December 2017, IGL supplied piped natural gas to over 9,00,000 homes, over 2,000 commercial and more than 1,150 industrial establishments in the NCR . It also operates 425 CNG filling stations for natural gas vehicles . IGL sources its gas via
140-699: A refinery in Trombay (Mahul, Maharashtra) under an agreement with the Government of India . In 1976, the company was nationalized under the Act on the Nationalisation of Foreign Oil companies ESSO (1974), Burma Shell (1976) and Caltex (1977). On 24 January 1976, the Burmah Shell was taken over by the Government of India to form Bharat Refineries Limited. On 1 August 1977, it was renamed Bharat Petroleum Corporation Limited. It
175-504: A Miniratna and have 4 independent directors on its board before it can be made a Navratna. PSUs in India are also categorized based on their special non-financial objectives and are registered under Section 8 of Companies Act , 2013 (erstwhile Section 25 of Companies Act, 1956). Public Sector Undertakings (PSUs) can be classified as Central Public Sector Undertakings (CPSUs) or State Public Sector Undertakings (SPSUs). CPSUs are administered by
210-522: A consortium of Oil India Ltd. and Engineers India Ltd. and Government of Assam for ₹9,876 crore. BPCL also acquired a 36.62% stake in Bharat Oman Refineries (BORL) or Bina refinery situated at Bina in Madhya Pradesh, India from OQ company , for ₹2,400 crore. BPCL has been holding 63.4 per cent and OQ 36.6 per cent equity in the company. The Government of Madhya Pradesh has a minor stake in
245-540: A joint venture of multiple PSUs. These entities perform commercial functions on behalf of the government. Depending on the level of government ownership, PSUs are officially classified into two categories: Central Public Sector Undertakings ( CPSUs ), owned by the central government or other CPSUs; and State Public Sector Undertakings ( SPSUs ), owned by state governments. CPSU and SPSU is further classified into Strategic Sector and Non-Strategic Sector. Depending on their financial performance and progress, CPSUs are granted
280-429: A self-sufficient, largely agrarian, communal village-based existence for India in the first half of the 20th century. Other contemporary criticisms of India's public sector targeted the lack of well-funded schools, public libraries, universities, hospitals and medical and engineering colleges; a lack seen as impeding an Indian replication of Britain's own industrialization in the previous century. Post-Independence,
315-620: Is an Indian natural gas distribution company that supplies natural gas as cooking and vehicular fuel, primarily in Delhi NCR . Established in 1998, the company is a joint venture between GAIL , Bharat Petroleum , and the Government of Delhi . IGL was incorporated in 1998, to take over and operate the Delhi City Gas Distribution Project from GAIL for laying a network of gas distribution pipelines in Delhi. The company started as
350-614: Is denoted in %, as of 30 September 2024 ): Currently there are 43 Regional Rural Banks in India, as of 1 April 2020: Andhra Pradesh Arunachal Pradesh Assam Bihar Chhattisgarh Gujarat Haryana Himachal Pradesh Jammu and Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Puducherry Punjab Rajasthan Tamil Nadu Telangana Tripura Uttar Pradesh Uttarakhand West Bengal Indraprastha Gas Indraprastha Gas Limited ( IGL )
385-562: Is leading to delays in the privatisation process. On June, 12 2024, the Petroleum Minister of India informed that any plans of disinvestment is off the table. Public sector undertakings in India Public Sector Undertakings ( PSU ) in India are government-owned entities in which at least 51% of stake is under the ownership of the Government of India or state governments .These type of firms can also be
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#1733084694639420-473: The Acland Mill ), railways , electricity utilities, banks, coal mines, and steel mills being just some of the economic entities largely owned by private individuals like the industrialist Jamsetji Tata . Other entities were listed on the Bombay Stock Exchange . Critics of private ownership of India's agricultural and industrial entities—most notably Mahatma Gandhi's independence movement—instead advocated for
455-538: The Ministry of Heavy Industries and Public Enterprises . The Department of Public Enterprises (DPE), Ministry of Finance is the nodal department for all the Central Public Sector Undertakings (CPSUs). As of October 2021, there are 13 Maharatnas, 14 Navratnas and 72 Miniratnas (divided into Category 1 and Category 2). Currently there are 12 Nationalised Banks in India (Government Shareholding power
490-590: The Planning Commission was formed by a cabinet resolution in March 1950 and the Industrial (Development and Regulation) Act was enacted in 1951 with the objective of empowering the government to take necessary steps to regulate industry. The first Prime Minister of India, Jawaharlal Nehru , promoted an economic policy based on import substitution industrialisation and advocated a mixed economy . He believed that
525-539: The nationalisation of corporations . PSUs subsequently expanded into consumer goods production and service areas like contracting, consulting, and transportation. Their goals include increasing exports, reducing imports, fostering infrastructure development, driving economic growth, and generating job opportunities. Each PSU has its own recruitment rules and employment in PSUs is highly sought after in India due to high pay and its job security , with most preferring candidates with
560-870: The Delhi City Gas Distribution Project. Petronet LNG , a joint venture company promoted by the Gas Authority of India Limited (GAIL), Oil and Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOC) and Bharat Petroleum Corporation Limited (BPCL) to import LNG and set up LNG terminals in the country. Bharat Renewable Energy Limited , a joint venture company promoted by BPCL with Nandan Cleantech Limited (Nandan Biomatrix Limited), Hyderabad and Shapoorji Pallonji Group, through their affiliate, S.P. Agri Management Services Pvt.Ltd. specializes in offering Bio diesel plants, ethanol, bio-diesel plants, Karanj (Millettia pinnata) , Jatropha and Pongamia (Pongamia Pinnata) plantation services, renewable generation services etc. In 2013 Shapoorji Pallonji Group exited
595-413: The category of government-owned entities in India with the largest market capitalization and consistently high profits. In 2021, BPCL announced plans to invest US$ 4.05 billion in order to improve petrochemical capacity and refining efficiencies, over the next five years. Bharat Petroleum operates the following refineries: They have popular Loyalty Program like Petrocard, Smartfleet. As of 2018, BPCL
630-758: The central government established the higher Maharatna category, which raises a public sector unit's investment ceiling from ₹1,000 crore to ₹5,000 crores. The Maharatna public sector units can now decide on investments of up to 15 per cent of their net worth in a project while the Navaratna companies could invest up to ₹1,000 crore without explicit government approval. Two categories of Miniratnas afford less extensive financial autonomy. Guidelines for awarding Ratna status are as follows: The average annual Net worth of ₹10,000 crores for three years, OR Average annual Turnover of ₹20,000 crore for three years (against Rs 25,000 crore prescribed earlier) A PSU must first be
665-599: The company grew out of the enterprises of the Chef Rohit Oil Company, which had been formed in 1871 to refine crude oil produced from primitive hand dug wells in Upper Burma . In 1928, Asiatic Petroleum Company (India) started cooperation with Burma Oil Company. Asiatic Petroleum was a joint venture of Royal Dutch, Shell and Rothschilds formed to address the monopoly of John D. Rockefeller 's Standard Oil , which also operated in India as Esso . This alliance led to
700-567: The company through compulsorily convertible warrants. With the acquisition of OQ's entire stake in BORL, BPCL will establish control over BORL. The Indian Government attempted to sell BPCL during fiscal year 2021–2022. However, the sale of BPCL has been pushed to fiscal year 2022–2023, and it has been reported that the Government is building a new strategy for the sale of the company. In addition to this, it has also been reported that rising oil prices, along with increasing development and use of green energy,
735-423: The crisis, the government began divesting its ownership of several PSUs to raise capital and privatize companies facing poor financial performance and low efficiency. The public sector undertakings are headed by the head of board of directors also known as chairperson cum managing director cum chief executive officer and a vice chairperson cum deputy managing director cum co-chief executive officer along with
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#1733084694639770-612: The establishment of basic and heavy industry was fundamental to the development and modernisation of the Indian economy. India's second five year plan (1956–60) and the Industrial Policy Resolution of 1956 emphasized the development of public sector enterprises to meet Nehru's national industrialisation policy. His vision was carried forward by V. Krishnamurthy , a figure known as the "Father of Public sector undertakings in India". Indian statistician Prasanta Chandra Mahalanobis
805-556: The financial year 2018–19. When India achieved independence in 1947, it was primarily an agrarian entity, with a weak industrial base. There were only eighteen state-owned Indian Ordnance Factories , previously established to reduce the dependency of the British Indian Army on imported arms. The British Raj had previously elected to leave agricultural production to the Private sector , with tea processing firms, jute mills (such as
840-468: The formation of Burmah-Shell Oil Storage and Distributing Company of India Limited. Burmah Shell began its operations with import and marketing of Kerosene. In the mid-1950s, the company began to sell LPG cylinders to homes in India and further expanded its delivery network. It also marketed kerosene , diesel and petrol in cans in order to reach remote parts of India. In 1951, the Burmah shell began to build
875-505: The global market so as to "support [them] in their drive to become global giants". Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997. Originally, the term Navaratna meant a talisman composed of nine precious gems. Later, this term was adopted in the courts of the Gupta emperor Vikramaditya and Mughal emperor Akbar , as the collective name for nine extraordinary courtiers at their respective courts. In 2010,
910-476: The joint venture. The cabinet had cleared a plan to sell 53.3% of its stake in Bharat Petroleum Corporation (BPCL) with the rest owned by Foreign Portfolio Investors (13.7%), Domestic Institutional Investors (12%), Insurance (8.24%) and the balance held by individual share holders. But as of 2024, such a plan is said to be off the table. On 21 November 2019, the Government of India approved
945-715: The members of the board of directors also known as executive director cum c-level officer who are Group 'A' gazetted officers appointed by the President of India in case of central public sector undertakings, its subsidiaries & its divisions and appointed by the Governor of States of India in case of state public sector undertakings, its subsidiaries & its divisions. All of the public sector undertakings have been awarded additional financial autonomy. Public Sector Undertakings are government establishments that have comparative advantages", giving them greater autonomy to compete in
980-489: The national consensus turned in favor of rapid industrialisation of the economy, a process seen as the key to economic development, improved living standards and economic sovereignty. Building upon the Bombay Plan , which noted the necessity of government intervention and regulation in the economy, the first Industrial Policy Resolution announced in 1948 laid down in broad strokes such a strategy of industrial development. Later,
1015-603: The only way to disinvest in the companies would be to repeal or amend the Acts by which they were nationalized in the 1970s. As a result, the government would need a majority in both houses to push through any privatization. Parliament enacted the Repealing and Amending Act, 2016 in May 2016 which repealed the legislation that had nationalized the company. In 2017, Bharat Petroleum Corporation Limited (BPCL) received Maharatna status, putting it in
1050-763: The privatization of Bharat Petroleum Corporation Limited (BPCL). The government invited bids for the sale of its 52.98% stake in the company on 7 March 2020. The Government decided to consolidate the businesses of BPCL before privatization starting with the Numaligarh Refinery Ltd. (NRL). The Government decided to keep Numaligarh Refinery Ltd. (NRL) in the public sector, honouring the Assam Peace Accord. In March 2021, Bharat Petroleum Corporation Ltd (BPCL) sold its entire 61.5% stake in Numaligarh Refinery in Assam to
1085-527: The status of Maharatna , Navaratna , and Miniratna (Category I and II). Following India's independence in 1947, the limited pre-existing industries were insufficient for sustainable economic growth . The Industrial Policy Resolution of 1956 , adopted during the Second Five-Year Plan , laid the framework for PSUs. The government initially prioritized strategic sectors, such as communication, irrigation, chemicals, and heavy industries , followed by
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1120-729: The world's biggest corporations in 2020, and 1052nd on Forbes Global 2000 in 2023. The company today known as BPCL started off as the Rangoon Oil and Exploration company set up to explore the new discoveries off Assam and Burma (now Myanmar) during the British colonial rule over India . In 1889 during vast industrial development, an important player in the South Asian market was the Burmah Oil Company . Though incorporated in Scotland in 1886,
1155-464: Was also setting up a Second-generation biofuels refinery at Baulsingha village in Bargarh district , Odisha of 100 kilo litre per day (KLPD) capacity. The plant would be using 2 Lakh tonnes of rice straw to generate fuel. Indraprastha Gas Limited (IGL) , a joint venture between Gas Authority of India Limited (GAIL), Bharat Petroleum Corporation Limited (BPCL) and the Government of Delhi to operate
1190-653: Was also the first refinery to process newly found indigenous crude Mumbai High Field . In 2003, the government attempted to privatize the company. However, following a petition by the Centre for Public Interest Litigation , the Supreme Court restrained the Central government from privatizing Hindustan Petroleum and Bharat Petroleum without the approval of Parliament. As counsel for the CPIL, Rajinder Sachar and Prashant Bhushan said that
1225-482: Was instrumental to its formulation, which was later termed the Feldman–Mahalanobis model . In 1969, Indira Gandhi 's government nationalised fourteen of India's largest private banks, and an additional six in 1980. This government-led industrial policy, with corresponding restrictions on private enterprise, was the dominant pattern of Indian economic development until the 1991 Indian economic crisis . After
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