BPCL disinvestment: Govt invites bids to sell its 52.98 percent stake
In another move of Public sector companies disinvestment, the government on Saturday invited bids to sell its entire 52.98 percent stake in India's second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL). The Department of Investment and Public Asset Management (DIPAM) issued a bid document in which expressions of interest for the strategic sale of BPCL were invited by May 2.
"The Government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising 114.91 crore 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)," it said.
The government has appointed Deloitte Touche Tohmatsu India LLP as its transaction advisor to advise on and manage the strategic disinvestment process.
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