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BPCL strategic sale: ‘Multiple’ bids received on last day

Deloitte Touche Tohmatsu India LLP has been appointed the transaction advisor. DIPAM did not however specify which companies had submitted the EOIs.

By: ENS Economic Bureau | New Delhi | November 17, 2020 3:46:10 am
Finance Minister Nirmala Sitharaman tweeted that the disinvestment process of BPCL had progressed and was moving to the second stage after the government had received multiple EoIs.

The government has received multiple expressions of interest (EoIs) for the strategic sale of Bharat Petroleum Corporation Ltd (BPCL), the Finance Ministry said on Monday — the last day for submission of offers by potential bidders for the government’s 52.98 per cent stake in the country’s second-largest fuel retailer.

The office of Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), tweeted that “multiple expressions of interest have been received by the Transaction Advisor” for the strategic disinvestment of BPCL, adding that the transaction would move to the next stage after scrutiny by the transaction advisor.

Deloitte Touche Tohmatsu India LLP has been appointed the transaction advisor. DIPAM did not however specify which companies had submitted the EOIs.

Finance Minister Nirmala Sitharaman tweeted that the disinvestment process of BPCL had progressed and was moving to the second stage after the government had received multiple EoIs.

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