(PTI)
In the country’s biggest ever privatisation drive, the government on Saturday invited bids for sale of its entire 52.98 per cent stake in India’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 of 114.91 crore equity shares, which constitutes 52.98% 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.
NRL stake will be sold to a state-owned oil and gas firm.The bidding will be a two-stage affair, with qualified bidders in the first expression of interest (EoI) phase being asked to make a financial bid in the second round.PSUs “are not eligible to participate” in the privatisation, the offer document said.
Any private company having a networth of USD 10 billion is eligible for bidding and consortium of no more than four firms will be allowed to bid, it said. As per the bidding criteria, the lead member of the consortium must hold 40 per cent stake and others must have a minimum networth of USD 1 billion.
Changes in consortium are allowed within 45 days but the lead member cannot be changed, it added.
