Vedanta puts in expression of interest to buy govt’s entire stake in BPCL

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New Delhi: Vedanta Group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying government’s nearly 53% stake in privatisation-bound Bharat Petroleum Corp Ltd (BPCL).

Vedanta’s interest in India’s second largest fuel retailer is because of synergies with its existing oil and gas business.

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The government is selling its entire 52.98 per cent stake in BPCL and last date of putting EoI was 16 November.

“Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil and gas business,” the company spokesperson said in a statement. “The EoI is at a preliminary stage and exploratory in nature.”

The government had at the close of bidding stated that “multiple” EoIs had been received. It, however, did not reveal the identity of the bidders.

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.

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.”

“The transaction will move to the second stage after scrutiny by TA,” he said.