Exclusive: Big news on BPCL disinvestment from top government sources

It's a big Zee Business Exclusive on the matter of BPCL disinvestment. From its top government sources, your favourite business news channel Zee Business has learnt that BPCL disinvestment process will be completed this year only. Government is committed to complete the BPCL disinvestment process, top government sources told Zee Business.

Sharing more details about the BPCL disinvestment process, Swati Khandelwal, Executive Editor, Zee Business, told Zee Business Managing Editor Anil Singhvi that though there was a delay, but this doesn't mean that the process won't be completed this year. "The delay happened due to Covid-19 as bidders requested the government for pushing the deadline," Khandelwal said quoting sources.

WATCH: FULL VIDEO of big news on BPCL disinvestment

#ZBizExclusive | बड़ी खबर...इसी साल पूरा होगा BPCL का विनिवेश: सूत्र

> विनिवेश पूरा करने के लिए सरकार प्रतिबद्ध#BPCL @AnilSinghvi_ @SwatiKJain pic.twitter.com/3pT7rSvDs0

— Zee Business (@ZeeBusiness) August 4, 2020

BPCL disinvestment deadline extended for bidding

Recently, the government for the third time had extended the deadline for bidding for the privatisation of India's second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by two months to September 30.

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 May 26, it was extended to July 31 and now it has been extended till September 30.

"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," the Department of Investment and Public Asset Management (DIPAM) said in a notice.

BPCL disinvestment

The government 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.