The Central government has decided to extend the last date of submission of bids for the Bharat Petroleum Corporation’s (BPCL) strategic disinvestment by two months till 30 September 2020.
The government intends to sell its entire stake of 52.98 percent in this oil and marketing company, which will not include BPCL’s 61.65 percent stake in Numaligarh Refinery.
The Preliminary Information Memorandum (PIM) for inviting expression of interest (EOI) was issued on 7 March 2020, which was later extended to 30 June 2020 and 31 July 2020 respectively.
The government has set minimum net worth criteria for interested bidder at USD 10 billion (approximately Rs 75,000 crore), interested party could be any private limited company, public limited company, limited liability partnership (LLP), SEBI registered Alternative Investment Fund (AIF) or a company/a fund incorporated outside India (eligible to invest in India).
Bidders can be sole or as a consortium. Management/employees of BPCL can also participate in the process, but such employees will have to incorporate a company which only can submit the EoI, either itself as a Sole IP or as a member of a consortium. Also, the company will need to fulfil the net worth criteria.