Govt extends Bharat Petroleum privatisation bid deadline to July 31

New Delhi: The government has for the second time extended the deadline for bidding for privatisation of India’s second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by over a month to July 31.
While the Cabinet had in November last year approved the sale of government’s entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7.
The EoI submission deadline was May 2, but on March 31 it was extended up to June 13.On Wednesday, the government said this deadline is further being extended up to July 31.
“In view of the further requests received from the interested bidders and the prevailing situation arising out of COVID-19, last date of submission of written queries on Preliminary Information Memorandum (PIM) is again extended up to June 23, 2020 and last date and time for submission of EoIs is extended up to July 31, 2020,” the Department of Investment and Public Asset Management (DIPAM) said in a notice.
The government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising of 114.91 crore equity shares, which constitutes 52.98 per cent of BPCL’s equity share capital along with transfer of management control to a strategic buyer (except BPCL’s equity shareholding of 61.65 per cent in Numaligarh Refinery Ltd), the notice inviting offer said.
Numaligarh Refinery Ltd stake will be sold to a state-owned oil and gas firm.
The bidding will be a two-stage affair, with qualified bidders in the first EoI phase being asked to make a financial bid in the second round.
Public sector undertakings (PSUs) “are not eligible to participate” in the privatisation, the offer document said.

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