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Union Government has kickstarted the valuation process of BPCL’s disinvestment which is likely to be completed by the end of the current fiscal year.

Sources said the inter-ministerial group meeting had discussed BPCL’s valuation that could fetch it maximum profits.

Vedanta, Apollo Global, and I Squared Capital’s arm Think Gas are bidding to buy a 52.98% stake in BPCL.

“We have got three preliminary bids from Vedanta, Apollo Global and I Squared Capital for buying a stake in BPCL. We have kickstarted the valuation process. Last week, an inter-ministerial meeting was held to discuss its valuation. It is fully committed to complete it by the year-end,” reported Zee Business.

The government is selling its entire stake of 52.98% in BPCL as part of its ambitious disinvestment target of Rs 2.1 lakh crore for the current financial year.

However,  it had not been able to complete single strategic disinvestment so far in the current fiscal due to the Covid pandemic. Its disinvestment receipts so far in FY 21 are only Rs 6311.64 crore.

Out of the four refineries BPCL operates, Numaligarh refinery will remain a PSU as it will be sold to government-owned companies only. The buyer is expected to get 35.3 million tonnes of refining capacity.

The other refineries of BPCL are in Mumbai in Maharashtra, Kochi in Kerala, and Bina in Madhya Pradesh.

The four refineries have a combined capacity of 38.3 million tonnes per annum, which is 15.3 percent of India’s total refining capacity of 249.8 million tonnes.

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