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New Delhi: On the last day for the submission of Expression of Interest (EoI) for BPCL sale, the Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that multiple EoIs have been received by the transaction adviser and the sale process will now move to the second stage after evaluation of EoIs. "For strategic disinvestment of BPCL, multiple expressions of interest have been received by the Transaction Advisor. The Transaction will move to the second stage after scrutiny by TA," said Pandey.
Sources who spoke to PSU Watch on the condition of anonymity said that sufficient interest has been received from both domestic and global entities and there will be no more extensions in the BPCL sale deadline. The deadline for the submission of EoIs for BPCL sale closed on Monday evening.
The BPCL bidding process is a two-stage affair and financial bids are due to be submitted later. According to sources, the EoIs received will now be evaluated and bidders will be allowed time for due diligence. And afterwards, financial bids would open. The government is looking to offload 52.98 percent shares in BPCL through strategic disinvestment. Numaligarh Refinery Ltd, in which BPCL is a majority shareholder, will be carved out of the oil marketing company before it is sold off to a strategic player.
BPCL sale will give the buyer access to 15.3 percent of India's refining capacity and 22 percent of the fuel retail market share in the world's fastest-growing energy market. The privatisation of the company is essential for the government to meet its disinvestment target of Rs 2.1 lakh crore for the current financial year.
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