ZeeBiz report gets thumbs-up! BPCL Disinvestment EOI deadline extended; Anil Singhvi hails decision

BPCL Disinvestment: Yet another Zee Business report has got a thumbs-up from the government. Centre has now extended the Expression of Interest (EoI) deadline for Bharat Petroleum Corporation Limited (BPCL) for another sixty days. The new BPCL disinvestment EoI deadline has been shifted to 30th September, 2020. Zee Business Managing Editor Anil Singhvi has hailed the Central Government's decision as for the last three months, there has been complete lockdown across the world and in the wake of COVID-19 pandemic, the BPCL disinvestment process may have got hit on both the sides i.e. Government of India and the bidders having interest in buying BPCL.

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Terming the central government's decision a right decision, Anil Singhvi said, "Buying a huge company like BPCL requires lot of work. One can't do the pre-bidding work that includes due diligence and value assessment of the BPCL when there is complete lockdown across the world. Apart from this, it's not like you signed a cheque and handed it over to the GoI and the BPCL becomes yours. It requires some formalities on the government side as well. So, the Government of India has taken the right decision by providing ample time to the bidders interested in buying BPCL."

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ज़ी बिज़नेस की खबर पर मुहर...BPCL में हिस्सा खरीदने के लिए बोली जमा करने की तारीख 60 दिनों तक बढ़ी
अनिल सिंघवी ने कहा- EoI की समयसीमा बढ़ाना सही फैसला, सेंटिमेंट पर होगा असर...टूट सकता है शेयर#EditorsTake #BPCL @AnilSinghvi_ pic.twitter.com/qNeyf1LDmV

— Zee Business (@ZeeBusiness) July 30, 2020

On how it will help GoI and the BPCL, the Market Guru said, "By extending the EOI deadline, it will help both the bidders and the Government of India because those bidders who were interested in the BPCL disinvestment but due to the limitations posed by the Coronavirus lockdown, will now be able to do the required formalities to post their bids for the BPCL disinvestment process. It will help GoI to get better price for this huge company. After all, the GoI can't afford to sell it off in a hurry."