The government will invite expression of interest for BPCL divestment, from both domestic and global players, on Saturday (7 March).
The interested parties will be given 2 months for pre-bids, sources said.
DIPAM, along with the Oil Ministry, had undertaken roadshows in the US, London and Dubai to seek investors for the government's 53.29 per cent stake. As an indication with BPCL's share price range, the government expects to get about Rs 60,000 crore from selling its stake in the refiner. The target for disinvestment in FY21 is Rs 2.1 lakh crore.
As of now, the Cabinet approval is only for keeping Assam-based Numaligarh Refinery Ltd out of the divestment.
For other JVs of BPCL, it is understood that BPCL's stake in those JVs and subsidiaries will be taken up by the private company which acquires the government stake, said sources adding if other JVs were to be kept out of privatisation, then the Oil Ministry would vet them earlier before going to the Cabinet for approval for stake sale.
(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)
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