The central government invited bids for the privatization of Bharat Petroleum Corporation Limited (BPCL) on Saturday. The Department of Investment and Public Asset Management (Deepam) has stated in the tender document that Expression of Interest (EoI) has been invited for the strategic sale of BPCL. The last date for filling it is May 2, 2020. This document states that the Government of India proposes a strategic sale of its 114.91 crore equity shares in BPSL, which is 52.98% of BPCL's total equity shares. In addition, management control of the company can also be handed over to the strategic buyer. At present, it does not have 61.65% shares of BPCL in Numaligarh Refinery Limited. The company's stake in NRL will be sold to a government oil and gas company.

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Disinvestment will happen in two phases
The government has appointed Deloitte Touche Tohmatsu India LLP to consult and manage this strategic disinvestment process. This disinvestment process will be in two phases. Eligible bidders in the phase of expression of interest will be asked to make financial bids in the second phase.

PSU companies not allowed to participate
According to the offer document, state-owned companies will not be able to participate in BPCL's privatization process, as well as any company with a net worth of over $ 10 billion or a group of up to four companies.

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Privatization of BPCL is important for government
BPCL currently has a market capitalization of Rs 87,388 crore and the government's share at the current price is Rs 46,000 crore. Privatization of BPCL is very important as per the government's disinvestment target. Finance Minister Nirmala Sitharaman has set a target of raising Rs 2.1 lakh crore through disinvestment in the financial year 2020-21. BPCL operates refineries at four locations in the country, Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam). The total capacity of these four refineries is 3.83 million tonnes per year.

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