CNBC-TV18 Exclusive: Evaluation committee on BPCL strategic sale to meet Tuesday to evaluate EoIs

The evaluation committee on the Bharat Petroleum Corp Ltd (BPCL) strategic stake sale will meet tomorrow, i.e. December 15, to evaluate the 3 expressions of interest (EoI) received for the OMC major, exclusive oil ministry sources informed on Monday.

The committee said that they are not concerned about oil gains not participating in BPCL's sale process. Additionally, they assured about business continuity post-BPCL's strategic stake sale, sources further informed.

3 EoIs have been received for BPCL from Vedanta, Apollo Global, and Think Gas.

The government is selling 52.98 percent stake in BPCL under strategic sale.

The government in November 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 (DIPAM), which is handling the strategic sale, tweeted that the transaction advisors for the sale of government's 52.98 percent stake in Bharat Petroleum Corp Ltd (BPCL) have reported receiving "multiple expressions of interest."

BPCL is India's second-largest oil marketing company with a standalone domestic sales volume of over 43.10 million tonnes and a market share of 22 percent during FY20. It is India's 6th largest company by turnover.