WikipediaVedanta has submitted its expression of interest for acquiring the full stake of the government in Bharat Petroleum Corp Ltd.
The company, among three potential bidders that have put in initial bids, said that the expression of interest (EoI) was preliminary and exploratory in nature.
“Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil and gas business," a spokesperson said Wednesday.
"The EoI is at a preliminary stage and exploratory in nature," the spokesperson added.
Anil Aggarwal, chairman of Vedanta Resources, had said earlier this year that the group will evaluate bidding for BPCL since there were synergies between both the companies' businesses.
The government had invited bids for the sale of its 53% stake in the country’s second largest oil refining and marketing company, which closed on November 16.
The sale will not include BPCL's 61.65% stake in Numaligarh Refinery in Assam.
Bidders need to have a net worth of $10 billion and public sector units with government ownership of 51% and more were excluded. The acquirer will have to make an open offer for another 26% stake from the public.
The conditions limited bidders to large companies such as ADNOC, ExxonMobil, BP, France’s Total and Russia’s Rosneft among others. However, most large companies including Reliance Industries Ltd have stayed away from bidding.
The strategic sale is a cornerstone of the government’s plan to raise Rs 2.1 lakh crore from disinvestment in FY21.
On Wednesday, BPCL's scrip was trading at 3.46% down at Rs 381 as of 2 40 pm.
The company, among three potential bidders that have put in initial bids, said that the expression of interest (EoI) was preliminary and exploratory in nature.
“Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil and gas business," a spokesperson said Wednesday.
"The EoI is at a preliminary stage and exploratory in nature," the spokesperson added.
Anil Aggarwal, chairman of Vedanta Resources, had said earlier this year that the group will evaluate bidding for BPCL since there were synergies between both the companies' businesses.
The government had invited bids for the sale of its 53% stake in the country’s second largest oil refining and marketing company, which closed on November 16.
The sale will not include BPCL's 61.65% stake in Numaligarh Refinery in Assam.
Bidders need to have a net worth of $10 billion and public sector units with government ownership of 51% and more were excluded. The acquirer will have to make an open offer for another 26% stake from the public.
The conditions limited bidders to large companies such as ADNOC, ExxonMobil, BP, France’s Total and Russia’s Rosneft among others. However, most large companies including Reliance Industries Ltd have stayed away from bidding.
The strategic sale is a cornerstone of the government’s plan to raise Rs 2.1 lakh crore from disinvestment in FY21.
On Wednesday, BPCL's scrip was trading at 3.46% down at Rs 381 as of 2 40 pm.
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