INDUSTRY NEWS

BPCL stake sale gets multiple bids; Reliance, Aramco skip race

By ET News

Mukesh Ambani’s Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not make a bid.

Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the strategic sale, tweeted that the transaction advisors for the sale of government’s 52.98 per cent 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,” he said.

TA stands for transaction advisor.

“Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received,” Finance Minister Nirmala Sitharaman also tweeted.

Neither of them however gave the number of bids received or the names of the bidders.

Separately, four industry officials said 3-4 bids have been put in.

Reliance Industries, which was considered a potential bidder as BPCL would have added 22 per cent fuel market share to its fledgling retail business and made it the nation’s number one oil refiner, did not put in an expression of interest (EoI) at the close of the deadline on Monday.

Saudi Arabian Oil Company (Saudi Aramco), which had been keen to enter the world’s fastest-growing fuel market, too did not put in an EoI.

Source
ET News
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