As per media reports, Saudi Aramco, Rosneft, Exxon Mobil, Abu Dhabi National Oil Co (ADNOC) and one Indian private player will be participating in the bidding process for BPCL. The stake sale to a major private entity will unlock value for minority shareholders.
The deadline for submitting Expressions of Interest (EoIs) has been postponed twice and the current deadline ends on July 31.
The Department of Investment and Public Asset Management (DIPAM) in March had released the Preliminary Information Memorandum (PIM) for inviting EoI for the strategic disinvestment of BPCL, along with transfer of management control.
The Government of India has proposed strategic disinvestment of its entire shareholding in BPCL comprising of 1,149 million equity shares, which constitutes 52.98 per cent of BPCL's equity share capital along with transfer of management control to a strategic buyer (except BPCL's equity shareholding of 61.65 per cent in Numaligarh Refinery Limited). NRL would be transferred to an Oil & Gas CPSE separately.
The government has barred PSUs from bidding for BPCL and expects private sector Indian players and global MNCs to bid for its stake.