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Govt extends deadline for submission of EoI for BPCL to June 13 due to COVID-19

The disinvestment in BPCL involves government selling its entire 52.98 per cent stake in the company to a strategic investor with the transfer of management control.

SNS | New Delhi |

The government has extended the date of submission of expression of interest (EoI) for privatisation process of country’s second biggest oil refiner and retailer Bharat Petroleum Corporation (BPCL) by over a month to June 13 in wake of the prevailing situation of COVID-19 pandemic.

Earlier, the deadline for submission of EoI was kept on May 2.

Also, interested bidders can now submit their written queries to preliminary information memorandum (PIM) on BPCL disinvestment issued by DIPAM early last month by May 16 instead of April 4 earlier.

“The changes are in view of the requests received from the Interested Bidders (IBs) and the prevailing situation arising out of COVID-19. Further changes with respect to the important dates, if any, will be communicated to the interested bidders subsequently,” the department of investment and public asset management (DIPAM) said in an official notice informing the new dates.

The disinvestment in BPCL involves government selling its entire 52.98 per cent stake in the company to a strategic investor with the transfer of management control. The government has barred PSUs from bidding for BPCL and expects private sector Indian players and global MNCs to bid for its stake. Government’s take in BPCL is worth around Rs 50,000 crore.

Earlier this month, DIPAM had extended the last day of EoIs for Air India as well. The new date was shifted from March 17 to April 30.

Reports suggest that strategic disinvestment of state-run carrier Air India and BPCL is crucial for the government to hit its target of Rs 2.1 trillion for 2020-21.