India Politics

Govt hopeful BPCL strategic sale to sail through without further extensions

New Delhi(DL): After 4 extensions, the govt is hopeful that strategic sale of Bharat Petroleum Corporation Ltd. (BPCL) may go using without any furthermore want to defer the bidding deadlines. The deadline for submitting the Expressions of Concern (EoI) for 52.98 percent stake within the BPCL is ending on Nov 16. Prior to this, the bid begin date has been Sep 30, however it got deferred because of bidders’ appeal following prevailing status arising out of Coronavirus epidemic.
BPCL disinvestment has got concern from multiple huge global oil & gas businesses & some Indian entities as well. In reality, the procedure till now has generated close to 100 enquiries in a evident signal that investors remain interested within the maharatna oil PSUs in spite of the disruptions caused by Coronavirus epidemic, officer source privy to the development (devt) stated. As per them, Abu Dhabi Domestic Oil Co (Adnoc), Exxon Mobil intend to attend within the bidding procedure for the PSU. Indian oil majors aren’t behind their own global counterparts & are also proactively continuing the prospects of bidding for BPCL. Oil-to-telecom main Reliance Industries is understood to have shown concern for the bid.
Records, although, suggest that globe’s highest oil producer Saudi Arabia Aramco & Rosneft of Russia may not attend within the bid because of soft oil costs & fragile insist circumstances. The deadline for submitting EoIs was deferred 4 times & the current deadline ends on Nov 16. We’re confident that EoI going to sail using in time with multiple interested bidders coming into the fray, the sources quoted above stated. Awhile the questions regarding the sale is a reflection of concern that BPCL disinvestment has, it doesn’t all the time money to investment.
However the questions relating to timing to full the bids, net value requirement, what kinda controls investors might have to face, going to they’ve to operate in regulated regime (or) just how the amount would’ve to be took for the buy, had given confidence that investors remain severe regarding BPCL.
On its part, disinvestment dept. had released multiple clarifications to investors & eased multiple processes to make the sale attractive. The disinvestment in BPCL involves the govt selling its overall 52.98 percent stake within the firm to a strategic investor with transfer of Mgmt curb. The govt has barred PSUs from bidding for BPCL & expects private industry Indian players & global MNCs to bid for its stake.
The Indian govt proposes to disinvest its overall shareholding in BPCL comprising 1,14,91,83,592 equity shares conducted using the Ministry of Petroleum & Normal Gas, that constitutes 52.98 percent of BPCL’s equity distribute capital, with the transfer of Mgmt curb to the strategic buyer (except BPCL’s equity shareholding of 61.65 percent in Numaligarh Refinery Ltd. (NRL) & Mgmt curb thereon).
The post Government hopeful BPCL strategic sale to sail using without furthermore extensions surfaced 1st on Telangana (TL) Today.

George Henry
George is one among the oldest contributors of Next Bulletin with a particularly unique perspective with regards to Politics niche. He aims to empower the readers with delivery of apt factual analysis of various news pieces from Politics category.

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