BPCL bids allowed electronically to prevent further delays

New Delhi, Nov 7 : The Centre has allowed bidders of privatisation-bound PSU refiner Bharat Petroleum Corporation Ltd. (BPCL) to submit their interest for the company electronically through e-mail to prevent restrictions imposed due to Covid-19 from impacting the sell-off process.

In a notice on its website, the Department of Investment and Public Asset Management (DIPAM) said that EoI for BPCL will be accepted electronically where an interested party could put all required information on e-mail and attach other relevant documents in pdf format and mail the same by the EoI due date.

The government has allowed the changes in the wake of queries generated by a few interested entities seeking such flexibility due to Covid disruptions.

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With the government also looking to complete the first phase of BPCL bidding without any further extensions, such flexibility is expected to come handy.

The bids for BPCL have already been extended on four occasions since March 7 and the latest deadline for EoI is now kept at November 16.

The government is selling its entire 53.29 per cent stake in BPCL to a strategic investor to mobilise over Rs 50,000 crore as disinvestment receipt. This will help in containing the country’s rising fiscal deficit that is slated to these clauses to eight per cent of GDP due to adverse impact of Covid-19 pandemic.

Government is also keen to complete the deal within FY21 as disinvestment proceeds from it would help the government inch closer to this year’s ambitious disinvestment target of Rs 2.1 lakh crore. So far, just over Rs 5,000 crore have been mobilised.

Disclaimer: This story is auto-generated from IANS service.

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