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This is an archive article published on March 18, 2003

Royal Dutch, Aramco, others show interest in HPCL stake

In response to the invitation of expression of interest (EoI) from interested bidders for Hindustan Petroleum Corporation Ltd (HPCL), world&...

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In response to the invitation of expression of interest (EoI) from interested bidders for Hindustan Petroleum Corporation Ltd (HPCL), world’s third largest oil group Royal Dutch Shell and world’s largest oil and gas company by reserves and production Saudi Aramco have submitted an initial bid for acquiring government’s 34 per cent stake.

Reliance Industries, Kuwait Petroleum Corporation (KPC) and Petronas of Malaysia too are expected to put in EoIs. Monday was the last date for submission of the preliminary bid for acquisition of management control along with government stake in HPCL.

Meanwhile, to kickstart the sell-off process in Bharat Petroleum Corporation Ltd (BPCL), the Government has invited EoI from merchant bankers to become global coordinator cum advisor for disinvestment of 35.02 per cent government equity in the company. The last date for submission of EoIs is April 4, 2003.

The selected merchant banker will assist and advise the government in the sell-off process of its equity in BPCL. The global advisor would advise on the timings and the modalities of the capital market offer, to ensure best returns to the government, complete due-diligence, etc. Their responsibilities would also include pre-market survey, road shows, book-building and generation of interest amongst prospective investors.

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