‘Clean Data Room’ with sensitive info on BPCL to open for bidders signing additional pact

Bidders vying to buy government stake in Bharat Petroleum Corporation Ltd (BPCL) will be given access to a ‘Clean Data Room’ containing commercially sensitive information on the firm subject to their signing an additional confidentiality agreement, sources said.

A virtual data room, mostly containing financial information on BPCL, was opened in the second week of April and qualified bidders signing Confidentiality Undertaking (CU) have been given access, three sources with direct knowledge of the matter said.

Bidders which include mining-to-oil conglomerate Vedanta and private equity firms Apollo Global and I Squared Capital’s arm Think Gas will also be allowed physical inspection of assets such as refineries and depots in the coming weeks as part of the due diligence process.

The government will seek financial bids once bidders complete due diligence and terms and conditions of the share purchase agreement (SPA) are negotiated.