Mumbai: Prime Minister's Economic Advisory Council Committee member and Bharatiya Janata Party (BJP) national executive member Jagdish Shetigar today (October 30) said the disinvestment of Hindustan petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) may be delayed by at least three years because of "existing hurdles".

"The disinvestment process is likely to get delayed due to the Lok Sabha elections next year and lack of appropriate communication with the public," Shetigar told reporters.

It may be recalled that the Supreme Court had directed the Union Government to take Parliamentary approval for the disinvestment of HPCL and BPCL.

There was also apprehension among the National Democratic Alliance (NDA) leaders over the disinvestment process as the next Lok Sabha elections were approaching near, he added.

He said there was apprehension that the disinvestment of public sector units could pose problems at times of crisis and added that the Government can nationalise them whenever needed, as was done with the banks.

In the case of the petroleum companies being disinvested, he said the Government always kept a reserve of petroleum products of 40 days in advance.

Apart from it, the Government has identified four strategic places for storage of the oil in the country in times of an emergency, the economic expert added.

PTI