‘IOC to decide on bidding for BPCL after govt lays out rules’

‘IOC to decide on bidding for BPCL after govt lays out rules’

The Cabinet Committee on Economic Affairs had on November 21, 2019 decided to sell government's entire 53.29 per cent stake in country'

FPJ BureauUpdated: Friday, January 17, 2020, 08:09 AM IST
article-image
Why FinMin is opposing BPCL divestment to IOC |

New Delhi: Indian Oil Corp (IOC), the country's biggest oil firm, will decide on bidding to buy Bharat Petroleum Corporation Ltd (BPCL) after the government lists out rules for the stake sale, its Chairman Sanjiv Singh said Thursday.

The Cabinet Committee on Economic Affairs had on November 21, 2019 decided to sell government's entire 53.29 per cent stake in country's second-largest state refiner BPCL, but a tender for sale hasn't yet been issued.

"The expression of interest (EoI) (for BPCL stake sale) hasn't been issued yet. We don't know the conditions. We have no information whether PSUs are allowed to bid or not," Singh told reporters here. "I cannot comment if IOC will bid or not unless we see the conditions set out in the EoI."

He said a decision on the issue can only be taken once there is clarity on the bidding process the government intends to follow. Soon after the Cabinet decision, Oil Minister Dharmendra Pradhan had hinted that PSUs will be kept out.

Indian Oil Corp (IOC), the country's biggest oil firm, will decide on bidding to buy Bharat Petroleum Corporation Ltd (BPCL) after the government lists out rules for the stake sale, its Chairman Sanjiv Singh said Thursday.

The Cabinet Committee on Economic Affairs had on November 21, 2019 decided to sell government's entire 53.29 per cent stake in country's second-largest state refiner BPCL, but a tender for sale hasn't yet been issued.

"The expression of interest (EoI) (for BPCL stake sale) hasn't been issued yet. We don't know the conditions. We have no information whether PSUs are allowed to bid or not," Singh told reporters here. "I cannot comment if IOC will bid or not unless we see the conditions set out in the EoI."

He said a decision on the issue can only be taken once there is clarity on the bidding process the government intends to follow. Soon after the Cabinet decision, Oil Minister Dharmendra Pradhan had hinted that PSUs will be kept out.

RECENT STORIES

Tata Launches Nexon Smart+ Entry-Level AMT Variant, Prices Start At Rs 10 Lakh

Tata Launches Nexon Smart+ Entry-Level AMT Variant, Prices Start At Rs 10 Lakh

Attention Debit Card Holders, Your Maintenance Charges Are Set To Spike: THIS Bank Has Revised The...

Attention Debit Card Holders, Your Maintenance Charges Are Set To Spike: THIS Bank Has Revised The...

Rock Solid: Citroen Basalt Vision Revealed

Rock Solid: Citroen Basalt Vision Revealed

Trade With Speed: India Launches World's Fastest T+0 Trade Settlement; Check Out The 25 Listed...

Trade With Speed: India Launches World's Fastest T+0 Trade Settlement; Check Out The 25 Listed...

Century Textile Shares Rocket Bullishly; Surge Over 10%

Century Textile Shares Rocket Bullishly; Surge Over 10%