Govt invites bids for sale of BPCL

The government invited bids on Saturday for the sale of its entire 52.98 per cent stake in the Bharat Petroleum Corporation Limited (BPCL). Expressions of interest for the strategic sale of BPCL were invited by May 2, the Department of Investment and Public Asset Management (DIPAM) said in the bid document.

"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 Limited)," it said. The government has appointed Deloitte Touche Tohmatsu India LLP as its transaction advisor to advise on and manage the strategic disinvestment process..