New Delhi: The government is targeting to conclude the strategic sale of  Bharat Petroleum Corp Ltd in April-June , Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on Thursday, at an event organised by Aditya Birla Sun Life Mutual Fund.

 "I think we are targeting the first quarter (of 2021-22 fiscal). The engagement is intense now, it is at the due diligence stage. Our process is of value maximisation, and we have to take all precautions to see the value is maximised," Pandey said

The government plans to sell its entire 52.98 percent stake in the company. Pandey said privatisation of public sector units is a difficult task, but it will still be achieved. On the proposed initial public offering of Life Insurance Corp of India, Pandey said the government is yet to decide the size of stake to be sold.

The government has received three preliminary bids for buying of controlling stake in India's second-largest fuel retailer Bharat Petroleum Corp Ltd (BPCL).  Mining-to-oil conglomerate Vedanta had in November confirmed putting in an expression of interest for buying the government's 52.98 percent stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.

Pandey said privatisation of public sector units is a difficult task. However, it will be achieved when private sector shows interest in Brownfield acquisitions.

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