No extra extension of BPCL privatisation bid deadline: DIPAM Secy

NEW DELHI: BPCL privatisation bid deadline won’t be prolonged for the fifth time, as the federal government’s strategic disinvestment programme that was hit by the pandemic is again on observe, DIPAM Secretary stated Monday.

The authorities had on 4 events prolonged the date of placing within the preliminary expression of curiosity for purchasing out the bulk stake in Bharat Petroleum Corp Ltd (BPCL). The present deadline is November 16.

“We had a critical COVID influence on strategic disinvestment, traders requested for time, significantly with respect to key transactions. I hope that additional extensions is probably not there, particularly in BPCL the place the present date is November 16. So hopefully, we will transfer by way of,” Tuhin Kanta Pandey, Secretary within the Department of Investment and Public Asset Management (DIPAM), instructed PTI.

While the Cabinet, in November final 12 months, had authorized the sale of the federal government’s total 52.98 per cent stake in BPCL, provides in search of expression of curiosity (EoI) or bids displaying curiosity in shopping for its stake had been invited solely on March 7.

Initially, the EoI submission deadline was May 2, but it surely was first was prolonged as much as June 13, then to July 31 and later to September 30 after which to November 16.

Pandey stated the extensions have been given following requests obtained from bidders.

The authorities is eager to shut the sale earlier than March 31, 2021, to assist meet a report Rs 2.1 lakh crore goal, which Finance Minister Nirmala Sitharaman has set from the disinvestment proceeds within the Budget for 2020-21.

The authorities is proposing strategic disinvestment of its total shareholding in BPCL comprising of 114.91 crore fairness shares, which constitutes 52.98 per cent of BPCL’s fairness share capital together with switch of administration management to a strategic purchaser (besides BPCL’s fairness shareholding of 61.65 per cent in Numaligarh Refinery), the discover inviting supply stated.

Numaligarh Refinery stake shall be offered to a state-owned oil and fuel agency.

State explorer Oil India Ltd (OIL) and Engineers India Ltd (EIL) are doubtless to purchase Numaligarh Refinery.

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