The long and winding road to BPCL privatisation

Saudi Aramco, Rosneft, Kuwait Petroleum, Exxon Mobil, Shell, Total SA, and Abu Dhabi National Oil Company are some of the foreign energy companies looking to acquire the government's stake in Bharat Petroleum Corporation (BPCL).

As per sources "While aformal interest from the potential bidders is expected in due course, all theabove names are part of the list that the government will reach out to. Thecompanies may bid for the government's entire 53.3 percent stake in BPCL,either individually or as part of a consortium."

"We expect significant interest in the government's stake in BPCL. The company's downstream business is quite promising and is the most professionally run organisation among oil marketing companies," another source told.

The Department of Investment and Public Asset Management (DIPAM) is expected to soon appoint an investment banker, legal adviser, and asset valuer to assist in the stake sale.

DIPAM would appoint anadviser and a valuer in November. The valuation report is expected to besubmitted in 50 days. The privatisation of BPCL is expected to help thegovernment achieve its Rs 1.05 lakh crore divestment target for the currentfiscal.