The crucial meeting of the Cabinet Committee on Divestment to formalise the broad consensus among different ministers on Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd is likely to be held on December 27.
"The formal agenda note for the next CCD meeting is yet to be circulated among different ministers, but the meeting has been tentatively scheduled on December 27," a top government source said.
The meeting would thrash out the exact contours of the proposed BPCL initial public offer and international float to divest close to 37 per cent government equity in the downstream oil company.
It would also finalise the details of the strategic sale of about 23 per cent equity in HPCL, he said.
According to a cabinet note circulated among different ministries ahead of the CCD meeting, the government would retain 26 per cent equity in both the petroleum marketing companies post their divestment.
At present, the government holds 51 per cent in HPCL and 66 per cent in BPCL. In addition, about 2 per cent equity in HPCL and 3 per cent in BPCL would be offered to the employees, according to the divestment ministry proposal.
The CCD meeting would also deliberate on the eligibility criteria for the suitors for HPCL and take a decision on the request from Oil and Natural Gas Corporation and fertiliser cooperatives Iffco-Kribhco to be allowed to bid for the downstream major that has a 20 per cent market share in the country.