Government Extends Deadline for Bid Submission in BPCL Stake under Plea from Potential Bidders
To permit more time to the interested parties, Government of India extends the last date for inviting expression of interest for bid submission in Bharat Petroleum Corporation Limited (BPCL) stake. The final date has been extended to 30th September on continuous plea from potential bidders in wake of the ongoing Coronavirus crises. Under the eligibility criteria for bid submission process, the potential bidder should hold a minimum net worth of $ 10 billion. In case of a consortium, it can only include a maximum of 4 members with each having a minimum net worth of $ 1 billion. In addition, the lead of consortium should contribute a minimum equity of 40 per cent. The authentic buyer of BPCL stakes should openly offer 26 per cent stake of the company to public shareholders as a final step of the strategic divestment. To carry out the divestment process, government has appointed Deloitte Touche Tohmatsu India as a substantial transaction advisor and strategic divestment manager. According to an official in the top department of BPCL, the divestment drive of government has hit a hard hurdle due to the restriction in international travel activities and site visits, making it difficult for investors to strategies their moves.