The deadline for submitting a bid to acquire 52.98% stake in Bharat Petroleum Corporation Ltd (BPCL) will end on July 31 as the Indian government is optimistic that strategic stake sale of the state-owned company will proceed without any further need to extend the bidding deadlines, despite the current market disruption caused by the coronavirus pandemic.
According to a local media report, global oil and gas majors such as Saudi Aramco, ADNOC, Rosneft, and ExxonMobil, have expressed intentions to participate in the bidding process. A few Indian entities, including Reliance Industries, are also reportedly interested in the sale.
India’s petroleum and natural gas ministry holds 1,14,91,83,592 equity shares in BPCL, and the government plans to divest them all. The deadline to submit the bid has been previously postponed for two times.
