November 19, 2020 2:19:52 am
The Vedanta group confirmed on Wednesday that it has submitted an expression of curiosity (EoI) to amass the federal government’s 52.98 per cent stake in Bharat Petroleum Company Ltd (BPCL).
Vedanta Restricted is the holding firm of Cairn India, which accounts for round 1 / 4 of India’s annual crude oil output. The deadline for submission of EoIs for BPCL was November 16.
“Vedanta’s EoI for BPCL is to guage potential synergies with our current oil and gasoline enterprise. The EoI is at a preliminary stage and exploratory in nature,” mentioned an organization spokesperson in an official assertion.
Tuhin Kanta Pandey, Secretary of the Division of Funding and Public Asset Administration (DIPAM), had mentioned on Monday that the Centre had acquired a number of EoIs for the strategic disinvestment of BPCL, however didn’t reveal the id of the bidders.
The disinvestment of BPCL is a key a part of the Centre’s plans to raises Rs 2.1 lakh crore from disinvestment proceeds within the present fiscal. “It’s a logical transfer from Vedanta’s perspective since crude oil costs have been low and manufacturing from their fields has additionally not been excessive sufficient, mentioned Vivekanand Subbaraman, analyst at Ambit Capital.
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