K Padmakar to take over as acting CMD of BPCL until privatisation: Sources

• The decision has been prompted by the fact that the current CMD of BPCL — D Rajkumar — is set to superannuate on August 31

• The source added that interviews for the post of BPCL's CMD and Director (Refineries) was put on hold in February, in view of the privatisation plan

New Delhi: In the backdrop of the privatisation plan, Director (HR) K Padmakar may take over as acting CMD of BPCL (Bharat Petroleum Corporation Ltd) until the company is disinvested, said a source who spoke to PSU Watch on the condition of anonymity. The decision has been prompted by the fact that the current CMD of BPCL — D Rajkumar — is set to superannuate on August 31. Along with Rajkumar, BPCL's Director (Refineries) R Ramachandran will also superannuate on the same day.

"It is not official yet. But since the BPCL CMD is set to retire on August 31, Director (HR) K Padmakar is likely to take over as the acting CMD until the company is disinvested," said the source. PSU Watch has reached out to the BPCL management for an official comment, however, they had not responded at the time the story was filed. This story will be updated when a response is received.

Petroleum Ministry had placed new appointments on hold in Feb

The source added that the vacancies for the post of BPCL's CMD and Director (Refineries) was floated by the PESB (Public Enterprises Selection Board) in January, and interviews were set to take place in February. However, on a direction issued by the Ministry of Petroleum and Natural Gas, the new appointments were put on hold at the time, said the source.

The backdrop

The government had extended the deadline for submission of bids for the strategic disinvestment of BPCL for a third time in May in the wake of requests from interested bidders and the "prevailing situation arising out of COVID-19." According to sources who spoke to PSU Watch on the condition of anonymity, more deadline extensions are in the offing as bidders have sought more time and the number of queries received by DIPAM is huge.

For fiscal year 2020-21, the government's big strategic disinvestment plan includes Air India, BPCL, CONCOR and Shipping Corporation of India, and LIC IPO.

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