A clutch of private equity funds and/or pension funds are said to have put in an EoI. Mumbai: Shares of Bharat Petroleum Corporation (BPCL) fell more than seven per cent on Monday after the government cleared the way for privatisation of BPCL. We have various options to advertise with us including Events, Advertorials, Banners, Mailers, Webinars etc. “We consider the extent of refinancing or consent will depend upon BPCL’s ranking on the time. BPCL’s bonds, which had USD 2 billion excellent as of end-2020, will have to be refinanced or the holders’ consent solicited, ought to the federal government settle for a profitable bid triggering the change of management clause. In 2003, when the then BJP-led National Democratic Alliance government headed by Prime Minister Atal Bihari Vajpayee was keen on privatising BPCL, as well as Hindustan Petroleum Corporation Ltd (HPCL), the Supreme Court had ruled that the companies could be privatised only after Parliament amended the above mentioned law. BPCL privatisation bid deadline will not be extended for the fifth time, as the government’s strategic disinvestment programme that was hit by the pandemic is … In the biggest privatisation drive ever, the union cabinet in November had approved sale of government's stake in BPCL, Shipping Corp of India (SCI) and on-land cargo mover Concor. The reported move to privatise Stateowned Bharat Petroleum Corporation Ltd (BPCL) is, indeed, one such occasion. Get ETEnergyworld's top stories every morning in your email inbox. The secretaries also cleared the sale of 30 per cent of the government’s equity in Container Corp of India (Concor). Govt Wants To Earn Rs 90,000 Cr By Selling Bharat Petroleum At Double Valuation. The interest of LPG customers of BPCL would be taken into consideration while deciding on the subsidy issue, Minister of State for Finance Anurag Singh Thakur said. Why does bitcoin consume 'insane' energy?7 hrs ago, Softbank scraps renewable deal with CPPIB, to continue running SB Energy with Bharti6 hrs ago, Towards Digitalisation of Modern Energy Assets. "Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received," Finance Minister Nirmala Sitharaman also tweeted. Mining billionaire Anil Agarwal is considered another potential bidder given his interest in the oil and gas business with the USD 8.67 billion acquisition of Cairn India. The government had on four occasions extended the date of putting in the preliminary expression of interest (EoI). Dear user, ET EnergyWorld privacy and cookie policy has been updated to align with the new data regulations in European Union. Please review and accept these changes below to continue using the website.You can see our privacy policy & our cookie policy. New Delhi: The government on Monday received 'multiple' bids for buying out its stake in India's second-biggest fuel retailer BPCL but billionaire Mukesh Ambani's Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not make a bid. BPCL sale: “Sweat and blood” gone into building PSUs, say officers’ associations The Indian government has estimated a receipt of approximately Rs 74,000 crore through BPCL disinvestment, Representatives of officers’ associations from several state-run companies said that BPCL’s proposed privatisation was like killing the golden goose and would hurt the economy, government’s social welfare programme and energy security, "Lots of sweat and blood of our members has gone into building these PSUs and handing over these profitably-running established businesses on a platter would be counter-productive". Privatisation of BPCL will not just shake up fuel retailing sector long dominated by state-owned firms but also help meet at least a third of the government's Rs 1.05 lakh crore disinvestment target. The government is selling its entire 52.98 per cent stake in BPCL in the nation's biggest privatisation till date. FRIENDS, It said the Abraham accords signed between Israel and UAE have paved the way for friendships and business partnerships across the region, The employees were kidnapped in a company-owned vehicle from the state-run firm's Lakwa field in Assam's Sivasagar District, where the exploration company has been operating for nearly six decades. TA stands for a transaction advisor. The government did away with the Acts of Parliament that nationalised Burmah Shell and Caltex in the 1970s, by including these laws in the clutch of laws that were abolished in 2016, labelling them as obsolete and unnecessary laws. There is a possibility of government selling its 53.29 per cent stake along with management control in oil marketing and refining firm for around Rs 70,900 crore. The bidding for BPCL will be a two-stage affair, with qualified bidders in the first EoI phase being asked to make a financial bid in the second round. The spadework started late last year and 2020 was supposed to be the landmark year in India's history of privatisation with at least three top PSUs -- the nation's second-biggest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), national carrier Air India and Shipping Corporation of India (SCI) up for sale. Neither of them however gave the number of bids received or the names of the bidders. Click "Continue" to accept and continue with ET EnergyWorld. NEW DELHI/MOSCOW (Reuters) - Rosneft and Saudi Aramco are unlikely to bid in the privatisation of Indian refiner Bharat Petroleum Corp BPCL.NS, sources familiar with the … All Rights Reserved. The BPCL privatization, which could be the country’s biggest, is crucial for India. BPCL operates four refineries in Mumbai (Maharashtra), Kochi (Kerala), Bina (Madhya Pradesh), and Numaligarh (Assam) with a combined capacity of 38.3 million tonne per annum, which is 15.3 per cent of India's total refining capacity of 249.8 million tonne. Public sector undertakings (PSUs) are not eligible to participate in the privatisation. India’s second largest fuel retailer, Bharat Petroleum Corp. Ltd (BPCL) is on the way to getting privatized. The Modi government wants the Indian Oil Corporation (IOC) — the country’s largest oil refining and marketing company, owned by the public sector — to buy the entire central government stake in Bharat Petroleum Corporation (BPCL), in order to meet its highest-ever disinvestment target of Rs 1.05 lakh crore (trillion).. A panel of secretaries on Monday, 30th Sept 2019 approved the privatisation of Bharat Petroleum Corp Ltd (BPCL) and three other PSUs — Shipping Corp of India (SCI), THDC India and Neepco. If BPCL is privatised, the government may have to bring in changes to the existing framework of LPG marketing in order to allow the new entity to retain BPCL’s existing Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries and sell subsidised LPG. Hi friend, Government has extended the EOI /Bidding submission date of Bharat Petroleum Corporation Limited (BPCL) from 30th September to 16th November. UK's BP plc and Total of France - who have plans to foray into the Indian fuel market - had previously ruled themselves out of the BPCL race as they did not want to add oil refining assets when the world was moving away from liquid fuels. BPCL Privatisation, Stake Sale Latest News: In a major development, BPCL director (finance) N Vijayagopal on Tuesday confirmed that privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) may use Rs 9,876 crore proceed from stake sale in Numaligarh Refinery to pay a special dividend to shareholders, the biggest being Government of India. • The left position is “PSU is family silver and should not be sold irrespective of its performance”. Sorry, there are no blogs for your search. 100000+ Industry Leaders read it everyday, How did you hear about us? IMG clears BPCL sale bid documents, to be issued after ministerial group nod Russian energy giant Rosneft-led Nayara Energy, which operates a 20 million tonnes oil refinery at Vadinar in Gujarat and also has 5,822 petrol pumps, was considered a potential bidder for BPCL but reports last month had indicated it was no longer keen. New Delhi: A Bharat Petroleum Corp Ltd (BPCL) official said that the completion of the company's proposed privatisation by March 2021 looks challenging. 09 February 2016 2nd Interim Dividend for FY 2015-2016 & Record Date A meeting of the Board of Directors of the Company will be held on Friday, 12th February, 2016, inter alia, to consider the proposal for declaration of 2nd interim dividend for the Financial Year 2015-16 and record date. BPCL Privatisation: Govt Receives Multiple Bids for Stake Sale; No Supermajor in Race, Department of Investment and Public Asset Management, Sanjeeda Shaikh Looks Hot In Summer Ready Outfits, See Diva Ooze Hotness In Latest Pics, Shefali Jariwala Spills Sass On Instagram With Hot, Seductive Pics; Take A Look. Privatisation of BPCL is essential for meeting the record Rs 2.1 lakh crore target the finance minister has set from disinvestment proceeds in the budget for 2020-21. Privatisation of BPCL will not just shake up the fuel retailing sector long dominated by state-owned firms but also help meet at least a third of the government's Rs 1.05 lakh crore disinvestment target. Completion of the stake sale could help the government mobilise more than Rs 60,000 crore, or $8.4 billion, and narrow the fiscal deficit. Privatisation of BPCL is essential for meeting the record Rs 2.1 lakh crore target the finance minister has set from disinvestment proceeds in the budget for 2020-21. CITU all-India Secretary and a Numaligarh Refinery Limited (NRL) employee, Swadesh Debroy, said, “On October 26, we are going to have a meeting in Mumbai in which all the trade unions in India’s oil sector, … Privatisation of BPCL will not just shake up fuel retailing sector long dominated by state-owned firms but also help meet at least a third of the government's Rs 1.05 lakh … We have updated our terms and conditions and privacy policy We use cookies to ensure the best experience for you on our website.If you choose to ignore this message, we'll assume that you are happy to receive all cookies on ET EnergyWorld. Saudi Arabian Oil Company (Saudi Aramco), which had been keen to enter the world's fastest-growing fuel market, too did not put in an EoI. Mains Paper 3: Economy Prelims level: BPCL Mains level: Privatisation of public sector undertakings Context: • There seem to be broadly three positions with respect to the privatisation of public sector undertakings (PSUs). Bharat Petroleum Corporation Ltd (BPCL) petrol pump owners have sought the provision of an exit window before India’s second-largest state-run oil refiner and fuel retailer is privatised. Centre moves on privatisation of BPCL, invites bids; Centre moves on privatisation of BPCL, invites bids Divestment of the government’s 52.98% equity stake in BPCL will form a key part of its Rs 2.1 lakh crore disinvestment target for the next fiscal. Disinvestment process of oil marketing firm BPCL is moving on well and expected to conclude by September-end, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said on Thursday. 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The Indian government is looking at selling its 53.29 per cent stake in BPCL to a strategic investor. "The transaction will move to the second stage after scrutiny by TA," he said. At Friday's closing price of Rs 412.70 on BSE, the government's 52.98 per cent stake in BPCL is worth Rs 47,430 crore. The union government repealed the legislation that had nationalised BPCL facilitating the BPCL privatisation. It also owns 17,138 petrol pumps, 6,151 LPG distributor agencies and 61 out of 256 aviation fuel stations in the country. Softbank scraps renewable deal with CPPIB, to continue running SB Energy with Bharti, Intense bidding for KG-D6 gas in e-auction on DGH-approved platform; O2C, IOC bag supplies, Renewables evolution or revolution? BPCL will give the buyer ownership to 15.33 per cent of India's oil refining capacity and 22 per cent of the fuel marketing share. A survey of expert opinion by ETEnergyworld highlights that disinvesting the government’s stake in BPCL to a private entity is a prudent move for the government and the oil retailer. Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the sale, tweeted that the transaction advisors for the sale of government's 52.98 per cent stake in Bharat Petroleum Corp Ltd (BPCL) have reported receiving "multiple expressions of interest." Also, the acquirer would have to make an open offer for buying another 26 per cent stake from the public, which would cost Rs 23,276 crore. PRINT Employees having a certain length of service depending on their grades will be given BPCL shares at a discounted price. Read latest news and live updates on Bpcl-privatisation including breaking news on Bpcl-privatisation,Bpcl-privatisation photos,Bpcl-privatisation videos and many more at cnbctv18.com. Separately, four industry officials said Reliance Industries, which was considered a potential bidder as BPCL would have added 22 per cent fuel market share to its fledgling retail business and made it the nation's number one oil refiner, did not put in an expression of interest (EoI) at the close of the deadline on Monday. New Delhi, Mar 19 (PTI) Fitch Ratings on Friday said there is more visibility on BPCL privatisation, but there is still little information on potential restrictions for the new owner in relation to employee protection, asset stripping, and investment lock-in. BPCL will give the buyer ownership to 15.33 per cent of India's oil refining capacity and 22 per cent of the fuel marketing share. All-India strike against BPCL privatisation? Progress on BPCL privatisation multiple steps remains: Fitch Ratings The government is selling its entire 53.98 percent stake in India's second-largest fuel retailer Bharat Petroleum … Traditionally, oil marketing companies (OMCs) have been used by the government to push its inclusive agenda, the latest being the dole out of free cooking gas (LPG) cylinders to poor women households. While the Numaligarh refinery will be carved out of BPCL and sold to a PSU, the new buyer of the company will get 35.3 million tonne of refining capacity - 12 million tonne Mumbai unit, 15.5 million tonne Kochi refinery and 7.8 million tonne Bina unit. BPCL’s net profit on a standalone basis increased 93% annually to Rs 2,076.2 crore in Q1FY21 on the back of high auto fuel margins, refining margins and inventory gains. The government needs to raise capital to make up the fall in tax revenues as the pandemic hit the economy. BPCL is India’s second-largest oil marketing company with a standalone domestic sales volume of over 43.10 million tonnes and a market share of 22 per cent during FY20. Copyright © 2021 ETEnergyworld.com. Abu Dhabi National Oil Co (ADNOC), which has ambitions for Indian market, too was considered a potential bidder but it wasn't immediately known if it put in an EoI. Follow @ETEnergyworld for the latest news, insider access to events and more. BPCL has made headway on a key pre-condition to its divestment and other key milestones over the last six weeks, including the finalisation of terms to purchase Oman Oil Company's 36.6 per cent stake in its Bina refinery for Rs 2,400 crore in February 2021. WEB The government’s 53% stake in the refiner is valued at about 509 billion rupees ($6.9 billion) based on Friday’s closing price. Partner, Shardul Amarchand Mangaldas & Co. Why does bitcoin consume 'insane' energy? Amarchand Mangaldas & Co. 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