The disinvestment process of country’s second largest fuel retailer, Bharat Petroleum Corporation Ltd has moved on to the second phase. To buy a 52.98 per cent stake in BPCL, the government has received ‘multiple’ expressions of interest in the bidding process of the fuel retailer.
‘Strategic disinvestment of BPCL now moves to the second stage after multiple expressions of interest have been received,’ finance minister Nirmala Sitharaman tweeted.
The qualifying bidder will not only have a controlling stake in BPCL, but will also get access to 25.77 per cent market share in India’s fuel retailing segment, along with 15.3 per cent of India’s total refining capacity.
BPCL operates four refineries in Mumbai, Kochi, Bina, and Numaligarh in Assam, with a combined capacity of 38.3 million tonnes per annum.