new Delhi. The government has extended the bid deadline for privatization of Bharat Petroleum Corporation Limited (BPCL), the country's second largest refinery due to the Kovid-19 epidemic, for the second time. According to an official notice, the last date for submission of interest papers has been extended by more than a month from 31 June to 31 July.
BPCL has four refineries located at Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam). Their combined production capacity is 3.83 million tonnes per year. BPCL has 15,177 petrop pumps and 6011 LPG distributor agencies in the country. The company also has 51 LPG bottling plants.
The Union Cabinet approved the sale of the entire 52.98 per cent stake in BPCL in November last year. On March 7, letters of interest (EOIs) were sought from those interested in purchasing the stake. The last date for submission of EOI was 2 May, but this was extended to 13 June. The government said on Wednesday that this deadline is being extended till 31 July.
The Department of Investment and Public Asset Management (DIPAM) said in a notice that in view of the requests of interested bidders and the current situation arising out of Kovid-19, the deadline for written inquiries on the Preliminary Information Memorandum (PIM) once again by 23 June 2020 The deadline for submission of EOI has been extended to 31 July 2020.
The Government of India has proposed strategic divestment of its entire stake in BPCL, comprising 114.91 crore equity shares, which constitutes 52.98 per cent of BPCL's equity share capital. Under this, management control will also be given to the strategic buyer. However, this sale does not include 61.65 percent stake in BPCL's Numaligarh Refinery Limited.
The stake of Numaligarh Refinery Limited will be sold to a public sector oil and gas company. The bid will be in two phases, under which qualified bidders from the first IOI phase will be asked to make financial bids in the second phase. The offer document states that Public Sector Undertakings (PSUs) cannot participate in this bidding process.
This post was published on May 27, 2020 6:26 pm
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