PSU Watch logo

NHAI ropes in experts for developing new financing approaches in current financial condition   | 10 trade unions hold protests to demand rollback of PSU privatisation, labour reforms |   | Start-up companies can now bid in railway tenders, says Board Member |   | Gave every penny to states as per Budget in April, May: FM |   | Bengaluru airport introduces 'contactless journey' to contain Covid-19 |   | CII asks companies to comply with competition law amid COVID-19 crisis |   | Centre allows 'UDAN' regional air services in select routes |  

Govt extends deadline for submission of EoI for BPCL

In the wake of the Coronavirus pandemic, the government has extended the deadline for submission of EoI for the sale of BPCL for a second time

New Delhi: In the wake of the Coronavirus pandemic, the government has extended the deadline for submission of EoI (Expression of Interest) for the sale of BPCL (Bharat Petroleum Corporation) for a second time on Tuesday. According to a notification posted by DIPAM (Department of Investment and Public Asset Management), the deadline for EoI submission has been extended by more than a month to June 13. The news comes as the stock markets traverse a volatile period with several countries across the globe imposing a lockdown to contain the spread of Coronavirus and global crude oil prices cracking on the back of a massive decline in demand.

DIPAM says bidders requested extension in BPCL EoI submission deadline

While the deadline for the submission of EoIs for BPCL has been extended from May 2 to June 13, the deadline for submission of queries on PIM (preliminary information memorandum) has been extended from April 4 earlier to May 16. DIPAM sources have said that bidders from across the globe have shown interest in picking up a stake in BPCL. “The above changes are in view of the requests received from the Interested Bidders (IBs) and the prevailing situation arising out of COVID-19. Further changes with respect to the Important Dates, if any, will be communicated to the Interested Bidders subsequently,” DIPAM said in a notification.

The backdrop

The news comes as the government has once again missed the revised disinvestment target of Rs 65,000 crore in FY2019-20 because of the Coronavirus pandemic. Consequently, it is expected that the minority stake sales planned by the government for FY2019-20 will now be pushed to the next fiscal. For FY2020-21, the government is looking to raise Rs 2.1 lakh crore through disinvestment and a major chunk of this amount will come from the sale of BPCL, Air India and the LIC IPO.