*Representational Picture courtesy english.manoramaonline.com shows BPCL complex.
India's biggest ever privatization drive, the Narendra Modi government has invited bids for the sale of its entire 52.98 per cent stake in the country's second-biggest oil refinery- Bharat Petroleum Corp Ltd (BPCL).
In fact, expressions of interest for the strategic sale of BPCL have been sought latest by May 2, as per the bid document by the Department of Investment and Public Asset Management (DIPAM) released on Saturday.
"The Government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising of 114.91 crore equity shares, which constitutes 52.98% of BPCL's equity share capital along with transfer of management control to a strategic buyer (except BPCL's equity shareholding of 61.65% in Numaligarh Refinery Limited)," it said.
NRL stake will be sold to a state-owned oil and gas firm.
The bidding will be a two-stage affair.One,will comprise qualified bidders.in the second round, for expression of interest (EoI) phase being asked to make a financial bid.