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Government extends BPCL bid deadline till 31 July

The government has extended the bid deadline for the second time for the privatization of Bharat Petroleum Corporation Limited (BPCL), the country’s second-largest refinery due to the Kovid-19 epidemic. 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.  The sale of the stake was approved in November. It is known that the Union Cabinet approved the sale of the entire 52.98 percent stake in BPCL in November last year. On March 7, letters of interest (EOIs) were sought from those interested in buying the stake. The last date for submission of EOI was May 2, but this was extended to June 13. 

In this context, 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 last date for written inquiry on the preliminary information memorandum (PIM) is again 23 June 2020. The last date for submission of EOI has been extended till 31 July 2020. 

The management control will be given to the buyer The 
The government of India has proposed strategic divestment of its entire stake in BPCL, comprising 114.91 crore equity shares, which constitutes 52.98 percent 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.

 

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