Govt Invites Bids To Sell Entire Stake In Bharat Petroleum

On Saturday, the government invited bids for the sale of its entire 52.98 percent stake in the Bharat Petroleum Corporation Limited (BPCL). The Department of Investment and Public Asset Management (DIPAM) in a bid document has invited expressions of interest for the strategic sale of BPCL by 2 May.

Bharat Petroleum Corporation: Quotes, News

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"The Government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising 114.91 crore equity shares, which constitutes 52.98 percent of BPCL's equity share capital, along with transfer of management control, to a strategic buyer (except BPCL's equity shareholding of 61.65 percent in Numaligarh Refinery Limited)," it said.

In case a consortium of investors are bidding for a stake in the oil refiner and marketer, the minimum net worth for each member has been set at $1 billion. Public sector units (PSUs) having 51 percent government ownership have been exclusively excluded from bidding for BPCL.

The last date for seeking clarification is set at 4 April.

Deloitte Touche Tohmatsu India LLP has been appointed by the government as its transaction advisor to advise on and manage the strategic disinvestment process.