Government postpones strategic sale of BPCL by a month due to COVID-19

The government has postponed strategic disinvestment process of country`s second biggest oil refiner and retailer Bharat Petroleum Corporation (BPCL) by over a month in wake of prevailing situation arising out of COVID-19.

The date of submission of expression of interest (EoI) by interested bidders has been postponed to June 13. This deadline was earlier kept for May 2.

Also, bidders would now have to sent their written query to preliminary info rmation memorandum (PIM) on BPCL disinvestment issued by DIPAM early last mo nth by May 16 instead of April 4 earlier.

"The changes are in view of the requests received from the Interested Bidders (IBs) and the prevailing situation arising out of COVID-19. Further changes with respect to the Important Dates, if any, will be communicated t o the Interested Bidders subsequently," disinvestment department DIP AM said in an official notice informing the new dates.

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The disinvestment in BPCL involves government selling its entire 52.98 per cent stake in the company to a strategic investor with transfer of management control. The government has barred PSUs from bidding for BPCL and expects private sector Indian players and global MNCs to bid for its stake. Governments s take in BPCL is worth around Rs 50,000 crore.