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Centre Gets Good Response On Bharat Petroleum Stake Sale, No Extension To Bidding Deadline: Report

The federal government plans to dump its whole 52.98% stake in Bharat Petroleum Company

The federal government acquired a “ample and good response” on its transfer to privatise state-owned refiner Bharat Petroleum Company Restricted (BPCL), information company Reuters reported citing two sources. The Centre is not going to prolong the deadline for personal companies to submit their preliminary bids, they added. The event comes because the deadline for personal corporations to make preliminary bids for the Rs 47,430-crore sale of the federal government’s whole 52.98 per cent stake within the oil main ended on Monday. (Additionally Learn: Bidding For Bharat Petroleum Stake Sale Ends Today)

The federal government has been making an attempt to dump its holding in Bharat Petroleum Company, one of many nation’s most worthwhile state-run corporations, to satisfy its file Rs 2.1 lakh-crore objective for disinvestment within the present monetary yr.

Earlier, the federal government had prolonged the deadline 4 occasions, because the coronavirus pandemic delayed the method that was initially anticipated to be accomplished by October.

Within the nation’s largest privatisation drive ever, the federal government had invited bids from buyers in March this yr.

COVID-19-led restrictions have damage world economic system and companies, particularly these working within the oil and journey & tourism-related sectors.

Non-public corporations with a internet price of $10 billion and consortiums of as much as 4 companies have been eligible for bidding.

Bidding will happen in two levels. Certified bidders within the first spherical might be requested to make a monetary bid within the second spherical.

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