According to the Department of Investment and Public Asset Management, the government has received multiple bids for buying out its 52.98 per cent stake in Bharat Petroleum Corporation Limited (BPCL). The bids will now be evaluated by the transaction advisers. Reportedly, major players such as Reliance Industries Limited, Saudi Aramco, BP and Total have not participated in the bidding process.
Vendanta Resources Limited has been considered amongst the potential bidders with its depicted interest in oil and gas business through $8.67-billion acquisition of Cairn India. BPCL has made a significant presence in the city gas distribution sector with the award of licences for 37 geographical areas by the Petroleum and Natural Gas Regulatory Board.
It is one of the leading oil marketing companies with a market share of 22 per cent during the year 2019-20. It has an upstream presence in nine countries including Russia, Brazil, Mozambique, the UAE, Indonesia, Australia, East Timor, Israel and India.