Vedanta confirms bidding for govt’s stake in BPCL

2020/11 18 10:11

A globally diversified pure sources firm, Vedanta has put in Expression of Curiosity (EoI) for Bharat Petroleum Firm Restricted (BPCL).

“Vedanta’s EoI for BPCL is to judge potential synergies with our current Oil & Fuel enterprise. The EoI is at a preliminary stage and exploratory in nature,” an organization spokesperson mentioned. Monday, November 16 was prolonged final date for submission of EoI. It might be famous, on that day, Finance Minister Nirmala Sitharaman had herself tweeted saying disinvestment of BPCL has moved to the following stage, with the federal government getting a number of expressions of pursuits for the Public Sector oil refiner-cum-retailer. Although, it’s believed that greater than three bids have been acquired, the federal government has not made the identify public citing confidentiality clauses.

 

The federal government intends to divest its complete stake of 52.98 per cent or over 114.91 crore shares in BPCL, which is not going to embody BPCL’s 61.65 per cent stake in Numaligarh Refinery Restricted. Accordingly, Preliminary Info Memorandum (PIM) for inviting EoI was issued on March 7 and Might 2 was fastened as date for submission of bid, which was later prolonged to June 13, July 31, September 30 after which to November 16 respectively.

In response to PIM, BPCL is the second-largest oil advertising firm with a market share of 21 per cent within the monetary yr 2018-19 and third-largest refining firm in India. It’s a publicly listed firm with its share value transferring round ₹384 throughout noon buying and selling on Wednesday. Based mostly on this value, the covernment might garner over ₹ 44,000 crore which is almost 20 per cent of complete disinvestment (together with disinvestment of presidency stake in Public Sector Banks and Monetary Establishments) goal of ₹ 2.10 lakh crore and almost 40 per cent of disinvestment goal (₹ 1.20 lakh crore) minus estimated proceed from dump in IDBI and LIC.

Vedanta Restricted, a subsidiary of Vedanta Assets Restricted, claims to be one of many world’s main diversified pure useful resource corporations with enterprise operations in India, South Africa, Namibia, and Australia. It’s a main producer of Oil & Fuel, Zinc, Lead, Silver, Copper, Iron Ore, Metal, Aluminium & Energy. Its web site says, Vedanta has been contributing to India’s development story. The corporate is amongst high non-public sector contributors to the exchequer with the very best ever contribution of ₹42,560 crore in FY19. Vedanta’s operations contribute 1 per cent to India’s GDP as per the IFC report.


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