Government expects bids for BPCL by July

India's second-largest fuel retailer Bharat Petroleum Corporation Ltd (BPCL) which is under Disinvestment could soon see a big development. Sources aware of the matter said financial bids for BPCL could come by July end. Sources added that since BPCL has set up a virtual data room that helps bidders to carry out due diligence for their financial bids for BPCL. Government hopes that the bidders can carry out their due diligence till June and submit their bids by July. I

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Cabinet secretary who heads the Core group on disinvestment took a detailed review meeting on BPCL, CONCOR, BEML, Air India, Shipping Corporation of India earlier this week and asked ministries on expediting disinvestment proceedings and removing bottlenecks for investors.  The government is aiming to conclude privatisation of PSUs such as Air India, BPCL and Shipping Corporation, where the divestment process has already started, in the current fiscal.

The Budget for 2021-22 has set a disinvestment target of Rs 1.75 lakh crore, higher than Rs 32,835 crore garnered in the last fiscal. Of the Rs 1.75 lakh crore, Rs 1 lakh crore is to come from selling government stake in public sector banks and financial institutions. Rs 75,000 crore would come as CPSE disinvestment receipts. 

In her Budget speech, Finance Minister Nirmala Sitharaman said strategic disinvestment of BPCL, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Neelachal Ispat Nigam Ltd, among others, and IPO of LIC would be completed in 2021-22.