Business

The government invites EOI to sell its entire stake in BPCL; $ 10 billion net worth for auction

On Saturday, the Modi government launched a tender for the sale of Bharat Petroleum Corp Ltd (BPCL) as part of its largest privatization campaign. The Ministry of Petroleum and Natural Gas (MoPNG), which owns around 1.15 crore stock, nearly 52.98% of the total stake in the country's second largest oil refiner, has proposed divestment of his entire participation. BPCL's privatization campaign is an essential part of the finance minister Nirmala Sitharaman's divestment target of Rs 2.1 lakh crore.

Expressions of interest (EoI) for BPCL's strategic divestment were solicited on May 2, in accordance with a preliminary memorandum issued by the Department of Investments and Public Asset Management at the Ministry of Finance.

The tender document also proposed to transfer management control to a strategic buyer (with the exception of BPCL's stake in a 61.65% stake in Numaligarh Refinery Limited (NRL ) and related management control.

"The Government of India is proposing a strategic divestment of its entire stake in BPCL, which includes 114.91 venture capital shares, which constitutes 52.98% of the share capital of BPCL, as well as the transfer from management control to a strategic buyer (with the exception of BPCL's 61.65% stake in Numaligarh Refinery Limited), "said the press release.

DIPAM has appointed Deloitte Touche Tohmatsu India as transaction advisor and to provide advisory services and manage the divestment process for the proposed transaction.

The bidding process for the transaction will take place in two stages – phase I and phase II. Phase I consists of selecting the eligible tenderers and phase II of making a financial offer. Public sector companies (PSUs) "are not eligible to participate" in the privatization campaign.

Any private company with a net worth of more than $ 10 billion is eligible for a tender and a consortium of up to four companies will be allowed to bid, according to the memorandum.

BPCL will allow interested buyers to access approximately a quarter of the world's fastest growing fuel market share in the world and 14% of the oil refining capacity in India.

BPCL's m-cap of around Rs 87,388 crore and government participation is around Rs 46,000 crore. In addition, the successful bidder will have to make an open offer to other shareholders to acquire an additional 26% interest.

BPCL's four refineries in Maharashtra, Kerala, Madhya Pradesh and Assam have a combined capacity of 38.3 million tonnes per year, or 15% of the country's total refining capacity. In terms of volume, BPCL distributed around 21% of petroleum products in India in March 2020.

Read also: RBI announces the restructuring of Yes Bank; SBI should hold 49% of the capital

Also read: Yes Banking crisis: "I have no idea, I have not been involved for 13 months", explains Rana Kapoor

Also read: Public shareholders lose Rs 9,691 crore in RBI action on YES Bank

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