Government invites bids for stake sale in BPCL

The central government has issued an expression of interest (EoI) for Bharat Petroleum Corporation Limited’s (BPCL) divestment. It has set $10 billion as the minimum net worth as one of the eligibility criteria in the EoI. The EoI has explicitly excluded public sector units with 51 per cent government ownership from bidding for the government’s 52.98 per cent stake in BPCL. The Department of Investment and Public Asset Management has asserted that the consortium of investors that will bid for a stake in the oil refiner and marketer cannot have more than four members, and each must have a minimum net worth of $1 billion.