Centre Gets Good Response On Bharat Petroleum Stake Sale, No Extension To Bidding Deadline: Report

The government received a "sufficient and good response" on its move to privatise the state-owned refiner Bharat Petroleum Corporation Limited (BPCL), news agency Reuters reported citing two sources. The Centre will not extend the deadline for private firms to submit their initial bids, they added. The development comes as the deadline for private companies to make initial bids for the Rs 47,430-crore sale of the government's entire 52.98 per cent stake in the oil major ended on Monday. (Also Read: Bidding For Bharat Petroleum Stake Sale Ends Today)

The government has been trying to offload its holding in Bharat Petroleum Corporation, one of the country's most profitable state-run companies, to meet its record Rs 2.1 lakh-crore goal for disinvestment in the current financial year.

Earlier, the government had extended the deadline four times as the coronavirus pandemic delayed the process that was initially expected to be completed by October.

In the country's largest privatisation drive ever, the government had invited bids from investors in March this year.

COVID-19-led restrictions have hurt world economy and businesses, especially those operating in the oil and travel & tourism-related sectors.

Private companies with a net worth of $10 billion and consortiums of up to four firms were eligible for bidding.

Bidding will take place in two stages. Qualified bidders in the first round will be asked to make a financial bid in the second round.