NEW DELHI: A high-powered committee will on Tuesday evaluate preliminary bids received from mining-to-oil conglomerate Vedanta and private equity firms Apollo Global and I Squared Capital's arm Think Gas for buying the government's 52.98 percent stake in BPCL, sources said.
Last week, an inter-ministerial meet was held to discuss the BPCL valuation process and setting of the reserve price. Today, the panel will see transaction advisor Deloitte's report on the scrutiny of the three bids that were received at the close of bidding last month, sources in know of the development said. The Ministry of Petroleum and Natural Gas, the parent ministry of Bharat Petroleum Corporation Limited (BPCL), has been asked to give its views on the response and the process so far.
A special purpose vehicle floated by the BSE-listed Vedanta Ltd and its London-based parent Vedanta Resources submitted an expression of interest (EoI) before the close of the deadline on November 16.
The government is selling its entire 52.98 percent stake in India's second-largest fuel retailer as part of plans to raise a record Rs 2.1 lakh crore from disinvestment proceeds in 2020-21 (April 2020 to March 2021).
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