IOC, Reliance, Nirma submit bid for IPCL

Indian Oil Corporation, Reliance Industries Limited and the Nirma group on Monday submitted their price bids to acquire the government’s 26 per cent equity and the management control of IPCL. According to sources, the government will determine the reserve price on Wednesday and the financial bids will then be evaluated by the inter-ministerial group. While IOC has submitted the bid on its own now, there is a strong possibility of it joining hands with ONGC at a later stage, if it emerges the winner.

Even Gail is reported to be in touch with IOC for joining hands for the petrochem major as a third partner. The government, which holds 59.95 per cent equity in IPCL, has decided to offload 51 per cent stake in two phases.