OIL & GAS

BPCL divestment: Govt receives ‘multiple’ bids for the fuel retailer’s stake

By CNBC

As ‘multiple’ bids were received for stakes in India’s second-biggest fuel retailer BPCL, sources said that the government was not even expecting billionaire Mukesh Ambani’s Reliance Industries and super major Saudi Aramco to make a bid.

“When it comes to BPCL divestment and the bids that have come in so far, finance ministry is evaluating all the bids and the government did not even expect bids from giants like Saudi Aramco and RIL,” government sources told CNBC-TV18.

“Noting the business trends of these two giants, Saudi Aramco has been looking at stake sales, the company of late has been becoming leaner and when it comes to Reliance then the giant has been shifting to new age businesses of digital world. Thus government was not expecting bids from these two players.”

Recently, Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), the key department responsible for the strategic sale, tweeted that the transaction advisors for the sale of government’s 52.98 percent stake in Bharat Petroleum Corp Ltd (BPCL) have reported receiving “multiple expressions of interest”.

“The transaction will move to the second stage after scrutiny by TA (transaction advisor),” Pandey said.

Source
CNBC
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