Govt Extends Deadline To Bid For Bharat Petroleum By 2 Months

For the third time, the government has extended the deadline inviting expressions of interest for its stake sale in Bharat Petroleum Corp Ltd (BPCL) to 30 September 2020. The extension has been provided in the light of the COVID-19 situation.

The Union Cabinet had approved the decision to sell the government's entire 52.98 percent stake in BPCL. However, the offers seeking expression of interest (EoI) or bids showing interest in buying its stake were invited only on 7 March when the deadline for submission of these bids was set as 2 May. On 31 March, the deadline was extended to 13 June and later to 31 July and now it has been extended till 30 September.

"In view of the further requests received from the Interested Bidders and the prevailing situation arising out of Covid-19, last date and time for submission of EoI is extended up to September 30, 2020," said the Department of Investment and Public Asset Management (DIPAM) in a notice.

The proposed strategic disinvestment of comprises of 114.91 crore equity shares, which constitutes 52.98 percent of BPCL's equity share capital along with transfer of management control to a strategic buyer (except BPCL's equity shareholding of 61.65 percent in Numaligarh Refinery Ltd), according to the notice inviting offer.

Numaligarh Refinery Ltd stake will be sold to a state-owned oil and gas firm.