(PTI)
In part indication of timelines for privatisation of India’s second biggest state oil refiner, the government has set a 50-day deadline for an outside ‘asset valuer’ to carry out the valuation of all assets of Bharat Petroleum Corp Ltd (BPCL), a process once completed will trigger invitation of price bids from potential acquirers.
The Cabinet Committee on Economic Affairs (CCEA) had on November 20 given a go-ahead for sale of government’s entire stake in BPCL,Shipping Corporation of India Ltd(SCI), power generator THDC India Ltd (THDCIL) and North Eastern Electric Power Corp Ltd (NEEPCO) to a strategic investor along with management control. It had also approved sale of 30.8 per cent out of its 54.8 per cent interest in Container Corp of India Ltd (Concor).The stake sale will follow a two-stage process of first inviting expression of interest (EoI) from potential bidders who will after due diligence will be asked to submit price bids in the second part, officials said.
