Govt invites bids for BPCL sale

New Delhi, March 7

In the country’s biggest ever privatisation drive, the government today invited bids for sale of its entire 52.98 per cent stake in the country’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL).

Expressions of interest for the strategic sale of BPCL have been invited by May 2, as per the bid document by the Department of Investment and Public Asset Management (DIPAM).

“The Government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising 114.91 crore equity shares, which 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% in Numaligarh Refinery Limited),” it said.

The NRL stake will be sold to a state-owned oil and gas firm. — PTI