BPCL disinvestment moves to next stage after receiving multiple expressions of interest

ANI
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Finance Minister Nirmala Sitharaman (file photo)
Finance Minister Nirmala Sitharaman (file photo)

New Delhi [India], November 17 (ANI): The strategic disinvestment of Bharat Petroleum Corporation Limited has moved to the second stage after it received multiple expressions of interest, Finance Minister Nirmala Sitharaman said on Monday.

"Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received," Sitharaman tweeted.

Earlier, the Department of Investment and Public Asset Management (DIPAM) had informed that multiple expressions of interest have been received by the Transaction Advisor for the strategic disinvestment of the BPCL.

The transaction will move to the second stage after scrutiny by TA, officials had earlier said.

The Cabinet Committee on Economic Affairs (CCEA) had earlier this month accorded in-principle approval for strategic disinvestment in five central public-sector enterprises (CPSEs) -- Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India, Container Corporation of India, THDCIL, and NEEPCO.

Sitharaman had said there will be strategic disinvestment of central government's shareholding of 53.29 per cent in Bharat Petroleum Corporation Ltd (except its equity shareholding of 61.65 per cent in Numaligarh Refinery Limited (NRL) and management control) along with transfer of management control to a strategic buyer.

There will be strategic disinvestment of BPCL's shareholding of 61.65 per cent in NRL along with transfer of management control to a CPSE operating in the oil and gas sector, she had said. (ANI)