Insta
BPCL Privatisation: DIPAM Appoints Deloitte As Adviser For Strategic Sale Of India’s Second Largest Oil Refiner
Bharat Petroleum
The Department of Investment and Public Asset Management (DIPAM) has appointed Deloitte Touche Tohmatsu Ltd as advisor for the strategic sale of Bharat Petroleum Corporation Ltd (BPCL), which will see government selling its direct stake of 53.29 per cent in the second largest oil refiner, sources said.
On Thursday (28 November), SBI capital, law firms Shardul Amarchand, Luthra & Luthra, J Sagar Associates and Deloitte made presentations before DIPAM Secretary and other senior officials.
The completion of the stake sale in BPCL by March 2020 is crucial to the government for mobilising more than Rs 65,000 crore, or $8.4 billion, and narrow the fiscal deficit.
"The advisor will undertake tasks relating to all aspects of the proposed strategic disinvestment culminating into successful completion of the transaction during the current financial year 2019-20 and accordingly draw detailed realistic timeline for completing various activities involved in the transaction. In case of slippage in the timeline, the government may change the appointed Advisor," DIPAM had said.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
