Thursday, November 26, 2020
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BPCL Stake Sale: Vedanta confirms it is in fray for BPCL stake | India Business News – Times of India

NEW DELHI: The Anil Agarwal controlled Vedanta Group said on Wednesday that it has submitted an expression of interest (EoI) for buying the government’s 53% stake in oil retailer Bharat Petroleum (BPCL).
“Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil & gas business. The EoI is at a preliminary stage and exploratory in nature,” a company spokesperson said. On Wednesday, TOI had reported that Vedanta, along with two funds, had evinced interest in the disinvestment process. The names of the others in the race were not immediately known. While 3-4 players are in the fray, several top global players are missing from the field. Separately, the government denied any move to change the rules and allow public sector players to bid.
“An unfounded story by a news agency incorrectly speculates that public sector companies may be allowed to bid for BPCL disinvestment. The EoI was invited only from the private sector. With the receipt of multiple EoIs, process has advanced to the second stage,” department of investment and public asset management secretary Tuhin Kanta Pandey tweeted. BPCL is the first major disinvestment since the Vajpayee government successfully privatised several companies.

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