Govt extends deadline for strategic sale of BPCL third time

New Delhi, July 29 : The government has further extended the deadline for bids to buy its entire 52.98 per cent stake in the country’s second-biggest oil refiner, Bharat Petroleum Corp Ltd (BPCL), by two months to September 30.

This is the third extension for submission of expression of interest (EoI) for BPCL stake by interested bidders. The government had first invited bids showing interest in buying its stake by May 2. It This was then extended till June 13, and to July 31 in the second extension.

The deadline has now been extended to close of working hours on September 30 in “view of further requests received from the interested bidders and the prevailing situation arising out of Covid-19”, an official notice put up by disinvestment department DIPAM late on Wednesday said.

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The disinvestment in BPCL involves the government selling its entire 52.98 per cent stake in the company to a strategic investor with transfer of management control. The government has barred PSUs from bidding for BPCL and expects private sector Indian players and global MNCs to bid for its stake. The government’s stake in BPCL is worth around Rs 50,000 crore.

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

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