Comments
The government has halted plans to select a new Chairman & Managing Director and Director (Refineries) for Bharat Petroleum Corporation Ltd (BPCL) when the incumbents superannuate next month.
The Public Enterprises Selection Board (PESB), the government’s head-hunter, had advertised for the two key posts in the Maharatna oil refining and marketing company in August last year.
The PESB had scheduled interviews of shortlisted candidates in March/April, but called them off at the directions of the government in view of the planned privatisation of the state-owned company, government officials briefed on the development said.
Current CMD D Rajkumar and Director (Refineries) R Ramachandran will superannuate in August.
K Padmakar, the HR Director, is tipped to be named as the acting CMD by the government till the privatisation process is completed or till March 31 next year, whichever is earlier, officials said.
The government has sought initial bids to privatise BPCL by selling its 52.98 per cent stake to a strategic buyer. Potential bidders have time until July 31 to file their expression of interest.
Mukesh Ambani-led Reliance Industries Ltd, Saudi Arabian Oil Co (Saudi Aramco) — the world’s largest oil producer — and ExxonMobil Corporation are among those expected to participate in the bid.
BPCL runs refineries in Mumbai, Kochi, Bina and Numaligarh and is India’s second biggest oil marketing company and third largest by refining capacity. It also figures in the list of Fortune 500 companies. Ends/
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.