BPCL disinvestment: IOC, other PSUs not to bid, hints Dharmendra Pradhan
5 years, 1 month ago

BPCL disinvestment: IOC, other PSUs not to bid, hints Dharmendra Pradhan

Live Mint  

Oil Minister Dharmendra Pradhan on Thursday hinted that public sector firms such as Indian Oil Corporation may not be allowed to bid for buying government stake in Bharat Petroleum Corporation Ltd, for which a buyer may have to shell out as much as ₹90,000 crore. It also approved privatisation of Container Corporation of India while also giving nod to paring stake below 51 per cent in select public sector undertakings but without losing control. Asked if public sector units will be allowed to bid for the government's 53.29 per cent stake, he said: "Nitty gritty and details of the disinvestment process will have to be worked out but when I say the government has no business to be in business, it is indicative of possible future course of action." At the current trading price of BPCL, the government's 53.29 per cent stake is valued at a shade less than ₹62,000 crore. BPCL operates four refineries in Mumbai, Kochi, Bina and Numaligarh with a combined capacity of 38.3 million tonnes per annum, which is 15 per cent of India's total refining capacity of 249.4 million tonnes.

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History of this topic

Why govt is not sure about the BPCL stake sale this year
2 years, 7 months ago

Why govt is not sure about the BPCL stake sale this year

Live Mint  

NEW DELHI : The government is unlikely to restart the disinvestment process for Bharat Petroleum Corp. Ltd this year because of the stock market volatility and soaring energy prices, senior officials said. The government decided to call off BPCL’s disinvestment last month after interested parties could not continue due to prevailing conditions in global energy markets and the pandemic. The …

BPCL Privatisation: Govt Calls Off Present Expression of Interest Process To Sell 53% Stake
2 years, 7 months ago

BPCL Privatisation: Govt Calls Off Present Expression of Interest Process To Sell 53% Stake

News 18  

The government has called off the current expression of interest process for BPCL’s privatisation, which was dubbed as India’s biggest ever, as the majority of bidders have expressed their “inability to continue in the current process of disinvestment of BPCL”, according to a notification by the DIPAM. Owing to prevailing conditions in the global energy market, the majority of QIPs …

Govt Drops Offer To Sell 53 Pc Stake In BPCL As Most Bidders Express Inability To Participate
2 years, 7 months ago

Govt Drops Offer To Sell 53 Pc Stake In BPCL As Most Bidders Express Inability To Participate

ABP News  

New Delhi: The government on Thursday withdrew its offer to sell its entire 52.98 per cent stake in BPCL, saying that majority of bidders have expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market. The government had planned to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation …

BPCL Shares Tank 5% After Vedanta's Anil Agarwal Says Disinvestment Being Reviewed
2 years, 8 months ago

BPCL Shares Tank 5% After Vedanta's Anil Agarwal Says Disinvestment Being Reviewed

News 18  

BPCL shares drop as much as 5.4 per cent to Rs 372.3 apiece on BSE in Monday’s trade, after Vedanta’s Anil Agarwal says the BPCL disinvestment process is being reviewed. The central government had a plan to sell its entire 53 per cent stake in BPCL to private players in 2021-22, but after delays, this target was shifted to 2022-23. …

BPCL Disinvestment: Govt Not To Go Ahead With Current Plan; To Draw New Strategy, Says Anil Agarwal
2 years, 8 months ago

BPCL Disinvestment: Govt Not To Go Ahead With Current Plan; To Draw New Strategy, Says Anil Agarwal

News 18  

Vedanta Resources Chairman Anil Agarwal said the government has decided not to go ahead with Bharat Petroleum Corporation Ltd’s privatisation plan and has told its suitors that it will revise the plan and come to market. Recently, Minister of State for Finance Bhagwat Karad told in the Rajya Sabha that the disinvestment process of oil marketing firm Bharat Petroleum Corporation …

Union Cabinet Likely to Approve 100% FDI in BPCL Today
3 years, 5 months ago

Union Cabinet Likely to Approve 100% FDI in BPCL Today

News 18  

The Union Cabinet is likely up to approve 100 per cent foreign direct investment in the Bharat Petroleum Corporation, according to sources at CNBC Awaaz. The government, which owns a 52.98 per cent stake in the company is rolling out the divestment process of its holdings in an effort to raise R 1.75 lakh crore in proceeds in FY22. As …

Disinvestment: BPCL to sell Numaligarh Refinery stake for ₹9,876 cr
3 years, 10 months ago

Disinvestment: BPCL to sell Numaligarh Refinery stake for ₹9,876 cr

Hindustan Times  

Privatisation-bound Bharat Petroleum Corporation Ltd on Monday said it will exit Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for ₹9,876 crore. A consortium of Oil India Ltd, Engineers India Ltd, and the Government of Assam expressed interest in buying the stake and the BPCL board on Monday …

Govt Says BPCL, Air India Stake Sale Will be Completed by September, LIC IPO Post October
3 years, 11 months ago

Govt Says BPCL, Air India Stake Sale Will be Completed by September, LIC IPO Post October

News 18  

The initial public offering of India’s largest insurance company LIC is likely after October this year, a top official said on Tuesday laying out the government’s divestment calendar that includes completing the sale of flag carrier Air India and oil firm BPCL within the first half of the next fiscal. Targeting to raise Rs 1.75 lakh crore from the asset …

BPCL, Air India stake sale by September; LIC IPO post October, says DIPAM Secretary
3 years, 11 months ago

BPCL, Air India stake sale by September; LIC IPO post October, says DIPAM Secretary

The Hindu  

The initial public offering of India's largest insurance company LIC is likely after October this year, a top official said on Tuesday laying out the government's divestment calendar that includes completing the sale of flag carrier Air India and oil firm BPCL within the first half of the next fiscal. Targeting to raise ₹1.75 lakh crore from the asset sale …

Adequate interest for BPCL disinvestment, no need to alter sale process: Govt
4 years, 1 month ago

Adequate interest for BPCL disinvestment, no need to alter sale process: Govt

India TV News  

The government has said that adequate interest has been received for the strategic disinvestment of public sector refiner Bharat Petroleum Corporation Ltd with several suitors submitting expressions of interest. With this, there is no need to either defer the current strategic sale process or look for alternatives, as after the scrutiny of the eligibility of the bidders, the process would …

BPCL Privatisation: Govt Receives Multiple Bids for Stake Sale; No Supermajor in Race
4 years, 1 month ago

BPCL Privatisation: Govt Receives Multiple Bids for Stake Sale; No Supermajor in Race

News 18  

New Delhi: The government on Monday received 'multiple' bids for buying out its stake in India's second-biggest fuel retailer BPCL but billionaire Mukesh Ambani's Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not make a bid. Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management, which is handling the sale, tweeted that the transaction …

No More Extension of BPCL Privatisation Bid Deadline: DIPAM Secretary
4 years, 2 months ago

No More Extension of BPCL Privatisation Bid Deadline: DIPAM Secretary

News 18  

BPCL privatisation bid deadline will not be extended for the fifth time, as the government’s strategic disinvestment programme that was hit by the pandemic is back on track, DIPAM Secretary said Monday. I hope that further extensions may not be there, especially in BPCL where the current date is November 16.So hopefully, we will be able to move through,” Tuhin …

Govt extends BPCL bid deadline to November 16
4 years, 3 months ago

Govt extends BPCL bid deadline to November 16

India TV News  

The government has for the fourth time extended the deadline for bidding for privatisation of India's second-biggest oil refiner Bharat Petroleum Corp Ltd by one and a half months to November 16. While the Cabinet, in November last year, had approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest or bids …

Govt to Decide on Subsidised Cooking Gas by BPCL Before Financial Bid Stage
4 years, 3 months ago

Govt to Decide on Subsidised Cooking Gas by BPCL Before Financial Bid Stage

News 18  

The issue of continuation of cooking gas subsidy will be considered before inviting financial bids for BPCL privatisation, Parliament was informed on Saturday. However, the interest of LPG customers of BPCL would be taken into consideration while deciding on the subsidy issue, Minister of State for Finance Anurag Singh Thakur said in a written reply to the Lok Sabha. The …

BPCL Privatisation: Govt to Provide Rules on Employee Protection, Asset Stripping Later
4 years, 4 months ago

BPCL Privatisation: Govt to Provide Rules on Employee Protection, Asset Stripping Later

News 18  

The government will provide guidance on employee protection, asset stripping and business continuity in Bharat Petroleum Corp Ltd to potential acquirers of the company only at a later stage of bidding, according to privatisation rules issued by the disinvestment department. On a query on restrictions relating to employee protection, asset stripping, business continuity and lock-in of shares, DIPAM said, “This …

Bharat Petroleum privatisation: Govt to provide rules on employee protection, asset stripping later
4 years, 4 months ago

Bharat Petroleum privatisation: Govt to provide rules on employee protection, asset stripping later

Live Mint  

The government will provide guidance on employee protection, asset stripping and business continuity in Bharat Petroleum Corp Ltd to potential acquirers of the company only at a later stage of bidding, according to privatisation rules issued by the disinvestment department. On a query on restrictions relating to employee protection, asset stripping, business continuity and lock-in of shares, DIPAM said, "This …

India’s biggest asset sale to attract China-wary oil majors
4 years, 7 months ago

India’s biggest asset sale to attract China-wary oil majors

Live Mint  

The growing disquiet over China could see oil investors headed to India, said a top executive at a refiner that Prime Minister Narendra Modi’s government has put up for sale. “Global companies are cutting down on capex, preserving cash now, but Exxon Mobil, Shell, BP or Saudi Aramco aren’t going to perish,” Vijayagopal said. “When they come back after demand …

Coronavirus Outbreak: ONGC, IOC, other oil companies contribute over Rs 1,031 cr to PM CARES fund
4 years, 9 months ago

Coronavirus Outbreak: ONGC, IOC, other oil companies contribute over Rs 1,031 cr to PM CARES fund

Firstpost  

Oil and Natural Gas Corp, Indian Oil Corp and other public sector oil companies have contributed over Rs 1,000 crore to the Prime Minister CARES Fund to help in the fight against COVID-19 pandemic New Delhi: Oil and Natural Gas Corp, Indian Oil Corp and other public sector oil companies have contributed over Rs 1,000 crore to the Prime Minister …

Coronavirus | ONGC, IOC and other oil cos contribute over ₹1,031 cr to PM CARES Fund
4 years, 9 months ago

Coronavirus | ONGC, IOC and other oil cos contribute over ₹1,031 cr to PM CARES Fund

The Hindu  

Oil and Natural Gas Corp, Indian Oil Corp and other public sector oil companies have contributed over ₹1,000 crore to the Prime Minister CARES Fund to help in the fight against COVID-19 pandemic. ONGC Chairman and Managing Director Shashi Shanker said the company gave ₹300 crore from its corporate social responsibility funds while the company employees contributed two days’ salary, …

Centre invites bids for sale of Bharat Petroleum Corporation Ltd.
4 years, 10 months ago

Centre invites bids for sale of Bharat Petroleum Corporation Ltd.

The Hindu  

The government on Saturday invited bids for the sale of its entire 52.98% stake in country’s second biggest State-owned oil refiner Bharat Petroleum Corporation Limited. “The government’s plan to sell its stake in BPCL could be delayed, as many global oil majors that have been looking at the company as an outlet to refine their crude may revaluate their bids …

BPCL disinvestment: Govt invites bids to sell its 52.98 percent stake
4 years, 10 months ago

BPCL disinvestment: Govt invites bids to sell its 52.98 percent stake

India TV News  

In another Public sector companies disinvestment drive, the government on Saturday invited bids to sell its entire 52.98 percent stake in India's second-biggest oil refiner Bharat Petroleum Corp Ltd. "The Government of India is proposing strategic disinvestment of its entire shareholding in BPCL comprising 114.91 crore equity shares, which constitutes 52.98 percent of BPCL's equity share capital, along with transfer …

BPCL disinvestment: Vedanta chief Anil Agarwal says state-run company's valuation high, evaluating bid; oil PSU's m-cap at 92,920 cr
4 years, 10 months ago

BPCL disinvestment: Vedanta chief Anil Agarwal says state-run company's valuation high, evaluating bid; oil PSU's m-cap at 92,920 cr

Firstpost  

The government plans to sell its entire 52.98 percent stake in BPCL that will give buyers ready access to 14% of India’s oil refining capacity and about one-fifth of the fuel market share in the world’s fastest-growing energy market. “The bid document is not yet out and we will carefully evaluate bidding once the offer document is out.” He said …

BPCL privatisation: Russia's Rosneft keen to bid for state-owned refinery; meets with Oil Minister Dharmendra Pradhan
4 years, 11 months ago

BPCL privatisation: Russia's Rosneft keen to bid for state-owned refinery; meets with Oil Minister Dharmendra Pradhan

Firstpost  

As on 31 March, BPCL reported cash and cash equivalents of around Rs 5,300 crore, against Rs 10,900 crore of debt maturing over the next 15 months. New Delhi: Russia’s largest oil producer Rosneft is keen to bid for acquisition of Bharat Petroleum Corp Ltd, sources said after the Russian firm’s CEO Igor Sechin met Oil Minister Dharmendra Pradhan on …

What the BPCL stake sale says about the future of India’s disinvestment policy | The Hindu Parley podcast
5 years ago

What the BPCL stake sale says about the future of India’s disinvestment policy | The Hindu Parley podcast

The Hindu  

Last month, the Union Cabinet gave its approval for the privatisation of Bharat Petroleum Corporation Limited, a profitable Maharatna public sector company that does oil refining and marketing. This large-scale disinvestment — the BPCL stake alone is expected to raise around ₹60,000 crore for the Exchequer this year — will certainly ease the fiscal pressures being faced by the country. …

Privatisation plan may end complex cross-holding in oil PSUs
5 years, 1 month ago

Privatisation plan may end complex cross-holding in oil PSUs

Live Mint  

The government may end the cross-holding structure existing in the oil sector as it looks to further consolidate operations of public sector enterprises and go ahead with its privatisation plan by getting a fair valuation of assets. Consequently, while GAIL and IOC hold 7.84 and 2.45 per cent stake, respectively, in ONGC, ONGC and OIL hold 14.20 and 5.16 per …

Government to sell BPCL in big disinvestment push: 10 takeaways
5 years, 1 month ago

Government to sell BPCL in big disinvestment push: 10 takeaways

India TV News  

Pushing the pedal on its disinvestment programme, the Cabinet Committee on Economic Affairs on Wednesday approved strategic disinvestment in five large public sector undertakings -- BPCL, CONCOR, SCI, THDC and NEEPCO -- along with a change in management control in these companies. Addressing the media after the Cabinet meeting, Finance Minister Nirmala Sitharaman said that while the Centre will strategically …

Govt gives go-ahead to biggest privatisation drive; to sell stake in BPCL, SCI, Concor to help bridge a widening fiscal gap
5 years, 1 month ago

Govt gives go-ahead to biggest privatisation drive; to sell stake in BPCL, SCI, Concor to help bridge a widening fiscal gap

Firstpost  

In the biggest privatisation drive-ever, the Union Cabinet on Wednesday approved sale of government’s stake in blue-chip oil firm BPCL, shipping firm SCI and onland cargo mover Concor New Delhi: In the biggest privatisation drive-ever, the Union Cabinet on Wednesday approved sale of government’s stake in blue-chip oil firm BPCL, shipping firm SCI and onland cargo mover Concor as well …

Centre approves major privatisation drive; Nirmala Sitharaman says govt to sell stake in BPCL, SCI and Concor
5 years, 1 month ago

Centre approves major privatisation drive; Nirmala Sitharaman says govt to sell stake in BPCL, SCI and Concor

Firstpost  

The Union Cabinet on Wednesday approved sale of government’s stake in blue-chip oil firm BPCL, shipping firm SCI and onland cargo mover Concor. New Delhi: In the biggest privatisation drive ever, the Union Cabinet on Wednesday approved sale of government’s stake in blue-chip oil firm BPCL, shipping firm SCI and onland cargo mover Concor, as well as decided to cut …

Govt to sell BPCL in mega push for privatization
5 years, 1 month ago

Govt to sell BPCL in mega push for privatization

Live Mint  

New Delhi:The cabinet committee on economic affairs on Wednesday cleared one of the government’s largest asset-sale exercises involving five companies, including the privatization of Bharat Petroleum Corp. Ltd and Shipping Corp. of India. Other companies in which the government will sell stakes include Container Corp, of India Ltd, THDC India Ltd and North Eastern Electric Power Corp. Ltd. As part …

BPCL stake sale: Indian Oil likely to bid for govt's share in absence of global players
5 years, 2 months ago

BPCL stake sale: Indian Oil likely to bid for govt's share in absence of global players

Firstpost  

The government has 53.3 percent stake in the BPCL which the bidders may buy either on their own or through a consortium. State-run Indian Oil Corporation is reportedly planning to bid for the government’s stake in Bharat Petroleum Corporation in a situation where no global players evince interest for the stake and the government agrees to reduce the quantum shares …

Two-phased strategic disinvestment for BPCL likely
5 years, 2 months ago

Two-phased strategic disinvestment for BPCL likely

Live Mint  

New Delhi: The government may consider two-phased disinvestment for public sector oil refiner and retailer Bharat Petroleum Corporation Ltd, if the initial strategic sale of the entire 53.29% government stake in the company fails to get requisite response. Thus, the government may sell half or around 26-27% of its share first and consider complete exit from BPCL at a later …

Numaligarh Refinery plans crude exploration foray in Assam, board gives nod for Rs 150-cr initial investment
5 years, 5 months ago

Numaligarh Refinery plans crude exploration foray in Assam, board gives nod for Rs 150-cr initial investment

Firstpost  

Numaligarh Refinery has identified Namrup block in Dibrugarh and Mesaki in Tinsukia districts for foraying into exploration of crude. Guwahati: North East India’s largest refiner Numaligarh Refinery Ltd on Thursday said it has firmed up plans to diversify into exploration of crude oil within the next few months. The Mini Ratna PSU’s board has already given its nod for an …

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