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Government extends BPCL bid deadline to 31 July

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The government has extended the bid deadline for the privatization of Bharat Petroleum Corporation Limited (BPCL), the country’s second largest refinery due to the Kovid-19 epidemic, for the second time. According to an official notice, the last date for submission of interest papers has been extended more than a month to 31 July instead of 13 June.

The Union Cabinet approved the sale of the entire 52.98 per cent stake in BPCL in November last year. On March 7, letters of interest (EOIs) were sought from those interested in purchasing the stake. The last date for submission of EOI was May 2, but it was extended to June 13. The government said on Wednesday that the deadline is being extended till July 31.

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The Department of Investment and Public Asset Management (DIPAM) said in a notice, “In view of the requests of interested bidders and the current situation arising out of Kovid-19, the last date for written inquiry on the preliminary information memorandum (PIM) is again 23 June. Has been extended till 2020 and the last date for submission of EOI has been extended till July 31, 2020.

Government selling 52.98 percent stake

The Government of India has proposed strategic divestment of its entire stake in BPCL, comprising 114.91 crore equity shares, which constitutes 52.98 per cent of BPCL’s equity share capital. Under this, management control will also be given to the strategic buyer. However, this sale does not include 61.65 percent stake in BPCL’s Numaligarh Refinery Limited.

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The stake of Numaligarh Refinery Limited will be sold to a public sector oil and gas company. The bid will be in two phases, under which qualified bidders from the first IOI phase will be asked to make financial bids in the second phase. The offer document states that Public Sector Undertakings (PSUs) cannot participate in this bidding process.

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