India invites initial bids for Bharat Petroleum Corp - Arabianbusiness:
The Indian Government has invited Expressions of Interest (EoI) for the sale of its 52.98 percent stake in state-owned oil refinery and marketing company, Bharat Petroleum Corp Ltd (BPCL).
The deadline for submission of EoIs is set for May 2, as per the preliminary memorandum issued by the federal Department of Investment & Public Asset Management (DIPAM).
The bid document also proposed to transfer the management control in the company to a strategic buyer.
BPCL's equity shareholding of 61.65 percent in Numaligarh Refinery Limited (NRL), however, will not be part of the strategic sale.
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