On Wednesday, Vedanta Group confirmed its preliminary expression of interest (EoI) for acquiring around 53% government’s stake in Bharat Petroleum Corp Ltd (BPCL).
Read on to learn more…
Vedantu Sees Potential In Acquiring Govt’s Share In BPCL!
Vedantu Group already owns a gas and oil business, so its interest in BPCL share is quite obvious.
The government is selling its 52.98% share in India’s second-largest fuel retailer.
The deadline for submission of EoI was November 16.
Vedantu spokesperson said in a statement, “Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil and gas business.” “The EoI is at a preliminary stage and exploratory in nature,” the spokesperson added.
Multiple EOIs In BPCL’s Bidding Process?
Earlier, the Centre had revealed that it had received multiple EoIs at the termination of the bidding but didn’t disclose the identity of the bidders.
“For strategic disinvestment of BPCL, multiple expressions of interest have been received by the Transaction Advisor. The Transaction will move to the second stage after scrutiny by TA,” tweeted Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the sale.
The process didn’t see participation either from Mukesh Ambani’s Reliance Industries or from Saudi Aramco, BP, and Total.
Finance Minister Nirmala Sitharaman took to Twitter to say, “Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received.”
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