Budget 2020

‘Aim to wind up BPCL stake sale by June’

The government is aiming to conclude the strategic sale of BPCL in the June quarter, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on Thursday.

“I think we are targeting the first quarter (of FY22). The engagement… is at the due diligence stage. Our process is of value maximisation,” he said at an event organised by Aditya Birla Sun Life Mutual Fund. The government has received three preliminary bids for the government’s 52.98% stake in India’s second-largest fuel retailer Bharat Petroleum Corp. Ltd. (BPCL), Vedanta being one of them. The other two are said to be global funds.

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