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Monday, Feb 25, 2002

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Due diligence for HPCL, BPCL at same time

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NEW DELHI, Feb. 24

THE Government plans to simultaneously initiate the due diligence process in Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) in a bid to reduce the time involved in privatising the two companies, according to senior officials.

This means that the expression of interest for both the companies will be simultaneously issued. Following the due diligence by the interested private bidders, the Government will freeze bidding documents and seek financial bids for one of the companies. Within a month of this, the results will be declared and financial bids will be sought for the second company.

According to officials, it will take around eight months to freeze the bid documents. Hence, the process is likely to be completed in a year's time frame.

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Due diligence for HPCL, BPCL at same time

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