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Nipping any such possibility in the bud, Central Public Sector Enterprises and central government-owned cooperative societies with government holding of 51 per cent or more will not be allowed to participate in the bidding process for privatisation of state-run oil refining and marketing firm Bharat Petroleum Corporation Ltd (BPCL), according to the global expression of interest issued by the government on Saturday.
The government has sought bids to sell its 52.98 per cent stake in BPCL to a strategic partner along with transfer of management control. Prospective bidders have time until May 2 to file their EoIs.
The deal excludes the 61.65 per cent stake held by BPCL in Numaligarh Refinery Ltd.
A bidder seeking to participate in the auction should have a minimum net worth of $10 billion.
In a consortium, the maximum number of members, including lead member, has been capped at four and each consortium member must have a minimum net worth of $1 billion. The combined/cumulative net worth of the consortium should meet the minimum net worth criteria of $10 billion.
The lead member of the consortium should hold a minimum equity of 40 per cent.
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