Last Updated : Oct 21, 2019 11:58 AM IST | Source: Moneycontrol.com
The companies may bid for the government’s entire 53.3 percent stake in BPCL, either individually or as part of a consortium
Saudi Aramco, Rosneft, Kuwait Petroleum, ExxonMobil, Shell, Total SA and Abu Dhabi National Oil Company are some of the foreign energy companies looking to acquire the government’s stake in Bharat Petroleum Corporation (BPCL), reports Mint.
“While a formal interest from the potential bidders is expected in due course, all the above names are part of the list that the government will reach out to,” a source told the paper.
The companies may bid for the government’s entire 53.3 percent stake in BPCL, either individually or as part of a consortium, the report added.
“We expect significant interest for the government’s stake in BPCL. The company’s downstream business is quite promising and is the most professionally run organisation among oil marketing companies,” a source told the publication.
Moneycontrol could not independently verify the story.
The Department of Investment and Public Asset Management (DIPAM) is expected to soon appoint an investment banker, legal adviser and asset valuer to assist in the stake sale.
“DIPAM would appoint an adviser and a valuer in November. The valuation report is expected to be submitted in 50 days,” a source told the publication.
The privatisation of BPCL is expected to help the government achieve its Rs 1.05 lakh crore divestment target for the current fiscal.
First Published on Oct 21, 2019 11:58 am