CPSEs, state-owned co-operative societies excluded from bidding BPCL

Our Bureau Mumbai | Updated on March 07, 2020 Published on March 07, 2020

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.

Published on March 07, 2020

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.