Vedanta is among the four bidders who have submitted expression of interest (EOI) for acquiring a controlling stake in state-owned BPCL. Currently, the government plans to divest about 52.98% stake in BPCL.
According to a Business Standard report, a company spokesperson said, “Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil and gas business. The EoI is at a preliminary stage and is exploratory in nature."
It is being known that at least three to four companies have submitted their EOI for BPCL. However, no names were revealed by the Centre.
Earlier this week, the Department of Investment and Public Asset Management (DIPAM), Secretary Tuhin Kanta Pandey tweeted saying, "For strategic disinvestment of BPCL, multiple expressions of interest have been received by the Transaction Advisor."
Finance Minister Nirmala Sitharaman on Monday tweeted saying, "Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received."
DIPAM secretary added, "The Transaction will move to the second stage after scrutiny by TA."
On Thursday, Vedanta stock ended at Rs112.05 per piece up 2.94% on Sensex. Meanwhile, BPCL finished flat at Rs383.45 per piece on the same index.