The deadline for submission of EoIs for BPCL was Monday.
The federal government has obtained “a number of expressions of curiosity (EoIs) from home in addition to world corporations” for 52.98% stake in state-run gasoline retailer-cum-refiner BPCL, division of funding and public asset administration (DIPAM) secretary Tuhin Kanta Pandey instructed FE.
The deadline for submission of EoIs for BPCL was Monday.
Whereas there was no official phrase but on the potential bidders for BPCL, many together with Reliance Industries (RIL), Vedanta, Abu Dhabi Nationwide Oil Co, Saudi Aramco and ExxonMobil are believed to have been contemplating to amass controlling curiosity within the nation’s second-largest oil advertising and marketing firm which has a market share of 21%. BPCL additionally has third-largest refining capability in India.
RIL, which has a mega oil refining complicated in Jamnagar, Gujarat, just lately employed former BPCL chairman Sarthak Behuria and former Indian Oil chairman Sanjiv Singh.
Seven-and-a-half months into the fiscal, the Centre is now making a decided effort to promote its stake in BPCL, price Rs 47,430 crore at Friday’s closing value on the BSE.
The federal government’s stake in BPCL was price about Rs 60,000 crore in November 2019, across the time the stake sale proposal was authorized by the Union Cupboard. Nevertheless, the precise receipts will depend upon valuation and consideration of a premium (ONGC had purchased the Centre’s stake in HPCL in FY18 at a premium of 14% to the inventory’s value).
BPCL’s share value closed at Rs 412.7 on the BSE on Friday, up 4.69% from earlier day’s closing value.
The stake sale, anticipated to be accomplished this fiscal, is seen to fetch round Rs 70,000 crore to the exchequer. The BPCL sale is prone to be single-largest element of the Centre’s disinvestment receipts this fiscal, which is prone to be far under the bold Rs 2.1 lakh crore budgeted.
BPCL operates 4 refineries in India – Mumbai Refinery (1955), Kochi Refinery (1966), BORL-Bina Refinery (Bharat Oman Refineries, a three way partnership between BPCL and Oman Oil Firm) (2011), and Numaligarh Refinery (1999), with a mixed crude oil refining capability of 38.3 MMTPA (766 KBPD). BPCL’s stake in Numaligarh refinery will likely be bought to a different CPSE oil agency individually.
Racing in opposition to time to conclude the privatisation of BPCL within the present fiscal itself, DIPAM had prolonged the EoI submission deadline for the fourth time by one-and-half months to November 16. A preliminary info memorandum (PIM) doc for inviting EoIs for strategic disinvestment of BPCL was issued on March 7, 2020.
The Centre is banking on the sale of its whole stake in BPCL together with a clutch of different transactions to minimise a possible shortfall in its non-debt capital receipts from the budgeted stage within the present fiscal. Up to now within the yr, solely Rs 6,138 crore, or simply 3% of the annual goal, has been obtained by way of disinvestments.
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November 17, 2020 at 08:18AM
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