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BPCL privatisation deadline extended to 16 November 2020

Wednesday, 30 Sep 2020
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The Central government has decided to extend the deadline for bidding for privatisation of the Bharat Petroleum Corporation (BPCL) for the fourth time in a row from 30 September 2020 to 16 November 2020.

The Union Cabinet had approved the sale of government's entire 52.98 percent stake in BPCL in November 2019.

Offers seeking expression of interest (EoI) or bids showing interest in buying its stake were invited only on 7 March 2020.

Based on the current market cap of Rs 79,503.11 crore, the value of 52.98 percent stake in the company is expected to be around Rs 42,120.7 crore.

Initially, the EoI submission deadline was 2 May 2020, but on 31 May 2020 it was extended up to 13 June 2020 and then to 31 July 2020. Later, it was extended to 30 September 2020.

The government's plan is to sell its entire shareholding in BPCL comprising 1.15 billion equity shares, with the transfer of management control to a strategic buyer, excluding the company's 61.65 percent in Numaligarh Refinery in Assam.

The company's stake in Numaligarh refinery is expected to be sold to another public sector undertaking.

So far, a consortium of state-run Oil India (OIL) and Engineers India (EIL) has shown interest in taking up BPCL's 48 percent stake in Numaligarh. The remaining stake will be sold to the government of Assam to increase the state's share to 26 percent in the venture.

On the other hand, the company is also looking to buy the stake of Oman Oil Company in Bharat Oman Refineries (BORL).

The bidding for BPCL includes two stages, first, participation of qualified bidders in the EOI stage and then financial bids.
 
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