Govt Extends Deadline For Strategic Sale Of BPCL By Two Months To 30 September

Govt Extends Deadline For Strategic Sale Of BPCL By Two Months To 30 SeptemberBharat Petroleum

The government has further extended the deadline for bids to buy its entire 52.98 per cent stake in the country’s second-biggest oil refiner, Bharat Petroleum Corp Ltd (BPCL), by two months to 30 September.

This is the third extension for submission of expression of interest (EoI) for BPCL stake by interested bidders. The government had first invited bids showing interest in buying its stake by 2 May. It This was then extended till 13 June, and to 31 July in the second extension.

The deadline has now been extended to close of working hours on 30 September in “view of further requests received from the interested bidders and the prevailing situation arising out of Covid-19”, an official notice put up by disinvestment department DIPAM late on Wednesday (29 July) said.

The disinvestment in BPCL involves the government selling its entire 52.98 per cent stake in the company to a strategic investor with transfer of management control. The government has barred PSUs from bidding for BPCL and expects private sector Indian players and global MNCs to bid for its stake. The government’s stake in BPCL is worth around Rs 50,000 crore.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)