Vedanta Group confirmed that it has put in a preliminary expression of interest (EoI) for buying nearly 53 percent of government stakes in privatisation-bound Bharat Petroleum Corp Ltd (BPCL). The government is selling its entire stake of 52.98 percent in BPCL and the last date of filing EoI was 16 November.
Vedanta’s EoI for acquiring stakes in India’s second-largest fuel retailer has resulted from the synergies with its existing oil and gas business.
“Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil and gas business,” the company spokesperson said in a statement. “The EoI is at a preliminary stage and exploratory in nature,” a statement read.
The government on Monday received ‘multiple’ bids for buying its 52.98 percent stake in BPCL. The government had stated at the close of bidding stated that “multiple” EoIs had been received but refrained from revealing the identity of the bidders. However, well-known market names including Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not make a bid.
“The transaction will move to the second stage after scrutiny by TA (transaction advisor). For strategic disinvestment of BPCL, multiple expressions of interest have been received by the Transaction Advisor. The Transaction will move to the second stage after scrutiny by TA,” said Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the sale.
“Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received,” Finance Minister Nirmala Sitharaman also tweeted.