BPCL bid deadline now July 31
The privatisation bids for the second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) have been extended for the second time by over a month to July 31.
“In view of the requests received from the interested bidders and the prevailing situation arising out of Covid-19, the last date of submission of written queries on the Preliminary Information Memorandum (PIM) is again extended till June 23, 2020, and the last date and time for submission of the EoIs is extended up to July 31, 2020,” the department of investment and public asset management (Dipam) said in a notice.
The EoI submission deadline was May 2, but on March 31 it was extended till June 13. On Wednesday, the government said this deadline is further extended to July 31.
While the cabinet had in November last year approved the sale of the government’s entire 52.98 per cent stake in BPCL, offers seeking expressions of interest (EoI), or bids showing interest in buying its stake, were invited only on March 7.
The government has proposed a strategic divestment 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 the transfer of management control to a strategic buyer (except BPCL’s equity shareholding of 61.65 per cent in Numaligarh Refinery Ltd).