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.)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.