Centre Invites Bids for Sale of 52.98% Stake in BPCL

New Delhi, March 7, 2020:

Amid mounting concerns over the privatization of public-owned enterprises, the Centre has invited bids for sale of its entire 52.98% stake in the Bharat Petroleum Corporation Limited (BPCL).

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The bid document, released by the Department of Investment and Public Asset Management (DIPAM), invited expressions of interest for the sale of BPCL stakes by May 2.

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It may be mentioned here that the Centre has proposed for a strategic disinvestment of its entire shareholding in the BPCL worth Rs 114.91 crore equity shares. It "constitutes 52.98 per cent of BPCL’s equity share capital, along with transfer of management control, to a strategic buyer (except BPCL’s equity shareholding of 61.65 per cent in Numaligarh Refinery Limited),” said the document.

Deloitte Touche Tohmatsu India LLP has been appointed as its transaction advisor to advise on and manage the strategic disinvestment process for BPCL.

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