OIL & GAS

Government extends Bharat Petroleum bid deadline to Nov 16

The government has for the fourth time extended the deadline for bidding for privatisation of India’s second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by one and a half months to November 16.

While the Cabinet, in November last year, had approved the sale of the government’s entire 52.98% stake in BPCL, offers seeking expression of interest (EoI) or bids showing interest in buying its stake were invited only on March 7.

Initially, the EoI submission deadline was May 2, but it was first was extended up to June 13, then to July 31 and later to September 30.

“In view of further requests received from the interested bidders (IBs) and the prevailing situation arising out of COVID-19 pandemic, the last date for submission of EoIs is further extended to November 16, 2020 (by 5.00 pm),” the Department of Investment and Public Asset Management (DIPAM) said in a notice.

The government is keen to close the sale before March 31, 2021, to help meet a record ₹2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from disinvestment proceeds in the Budget for 2020-21.

Source
Livemint
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