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BPCL received 3 bids: Oil Minister

The central government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd

No partners in sight for BPCL stake sale
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No partners in sight for BPCL stake sale 

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New Delhi: The central government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), Oil Minister Dharmendra Pradhan said on Wednesday.

Mining-to-oil conglomerate Vedanta had on November 18 confirmed putting in an expression of interest (EoI) for buying the government's 52.98 per cent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management. "Lot of interest is there," Pradhan said at a webinar series on 'The Road ToAtmanirbhar Bharat' organised by Swarajya Magazine.

"DIPAM has recently informed market. I think three parties have given EoI for the bidding process." He did not give details. TuhinKanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the strategic sale, had tweeted on November 16 - the last date for bidding - that the transaction advisors (TA) for the sale have reported receiving "multiple expressions of interest." "The transaction will move to the second stage after scrutiny by TA," he had said.

Pradhan said the government is looking to privatise some of the state-owned companies to bring in professionalism and competition. "As I have earlier said the government is committed to offloading its share from some state-owned companies. That way more professionalism and competition will come. We are committed and keen on that aspect," he said.

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