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BPCL disinvestment: DIPAM extends bid submission deadline for 4th time to Sep 30

The Centre has once again extended the deadline for submission of bids for the disinvestment of BPCL for a 4th time in the wake of requests from bidders

The Centre has once again extended the deadline for submission of bids for the disinvestment of BPCL for a 4th time in the wake of requests from bidders.
The Centre has once again extended the deadline for submission of bids for the disinvestment of BPCL for a 4th time in the wake of requests from bidders.
  • A source in the know of the matter told PSU Watch that Petroleum Secretary Tarun Kapoor has started visiting BPCL assets

  • The deadline has been extended in view of the further requests received from the interested bidders and the prevailing situation arising out of COVID-19

New Delhi: The Centre has once again extended the deadline for submission of bids for the strategic disinvestment of BPCL (Bharat Petroleum Corporation Ltd) for a fourth time in the wake of requests from interested bidders and the “prevailing situation arising out of COVID-19.” The last date for EoI submission has now been extended to September 30, an official notification from DIPAM (Department of Investment and Public Asset Management) said on Wednesday.

“In view of the further requests received from the Interested Bidders (IBs) and the prevailing situation arising out of COVID-19, last date and time (“EOI Due Date”) for submission of EoIs is extended upto 30th September, 2020,” said DIPAM. PSU Watch had earlier reported on July 23 that the bid submission deadline is set to see another extension. The decision to extend the deadline was taken at a high-level meeting of an Empowered Group of Secretaries, which includes Niti Aayog CEO Amitabh Kant and DIPAM Secretary Tuhin Kanta Pandey, on July 23. 

In May, the government had extended the deadline for submission of bids for the strategic disinvestment of BPCL for a third time to July 31.

Petroleum Secretary starts visiting BPCL assets

A source in the know of the matter told PSU Watch that Petroleum Secretary Tarun Kapoor has started visiting BPCL assets. Other sources said that the deadline extension was considered on the basis of requests received from potential investors, especial global oil and gas behemoths like Saudi Aramco, Rosneft, ADNOC and Exxon Mobil. The travel restrictions placed in the wake of the pandemic have disallowed these global oil majors from flying to India to hold meetings and discussions with the BPCL management and visit assets.

The backdrop

The Cabinet Committee on Economic Affairs had approved the sale of BPCL in November last year. Initially, the last date for EoI submission was May 2, but it was extended to June 13 and then to July 31. The number of shares that the government is looking to sell off stands at 1,14,91,83,592, DIPAM had recently said in a clarification to queries raised by bidders. The disinvestment of Numaligarh Refinery Ltd will be completed before the closing of BPCL privatisation process, DIPAM had said.

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