Govt invites bids for BPCL, to sell full 52.98% stake in company

The government on March 7 has invited bids for the sale of its entire 52.98 percent stake in Bharat Petroleum Corporation (BPCL).

Expressions of Interest (EoI) for the strategic sale of BPCL were invited by May 2, as per the bid document from the Department of Investment and Public Asset Management (DIPAM). Last date for investor queries is April 4.

"The Government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising 114.91 crore equity shares, which constitutes 52.98 per cent of BPCL's equity share capital, along with transfer of management control, to a strategic buyer (except BPCL's equity shareholding of 61.65 per cent in Numaligarh Refinery)," it read.

To be leigible for participation, bidders must have a minimum net worth of $10 billion as on date. Besides this, a consortium bidder can constitute a maximum four members, where the lead member must 40 percent in proportion, while other members must have a minimum net worth of $1 billion.