The widespread impact of the Corona outbreak is being seen on the Indian economy. At the same time, the Government of India has extended the deadline for bidding to buy its entire 52.98 per cent stake in Bharat Petroleum, the country’s second largest petroleum company, for almost a month to 13 June. Earlier, the last date for submitting letters of intent or bids for the government’s stake was May 2. An official notice states that the deadline for submission of bids is being extended till 5 pm on June 13, in view of the request made by interested bidders and the situation arising out of COVID-19.
The notice issued to invite letter of intent regarding this change stated that the Government of India intends to strategically disinvest its entire stake of 114.91 crore equity shares (52.98% of BPCL) in BPCL. Under this, the management control of the company will also be handed over to the buyer. However, BPCL’s 61.65 per cent stake in Numaligarh Refinery Limited (NRL) is not included in this sale. The NRL stake will be sold to a state-owned petroleum and gas company.
For your information, let us tell you that the strategic sale of BPCL will be in two phases. In the first phase, the eligible bidder submitting the letter of intent will be asked to make a financial bid in the second phase. According to the offer document, no public sector company can participate in the privatization process of BPCL.
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