Govt to sell 100% stake in BPCL; PSUs kept out
Published On: Sunday, March 8, 2020 | By: Team KnowMyStock
The government on 7th March invited bids for a majority stake in Bharat Petroleum Corp Ltd (BPCL). Private companies with a net worth of over $10 billion (Rs 74,000 crore) will be eligible to bid by May 2. The government stake of 52.98 percent in BPCL is valued at around Rs 46,300 crore. This sale is key to meeting the government’s disinvestment target of Rs 2.1 trillion in the financial year 2020-21. So far, the disinvestment exercise has fetched the government Rs 34,845 crore during the current financial year. The Department of Investment and Public Asset Management made it clear that none of the PSUs will be allowed to participate in the proposed stake sale. The stake gives buyers ready access to 14 percent of India's oil refining capacity and about one-fifth of the fuel market share in the world's fastest-growing energy market. Mining baron Anil Agarwal of Vedanta who was among the first to show interest in bidding for BPCL, says valuation of the firm is too high.
Tags: BPCL
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
