Vedanta Limited has submitted a preliminary expression of interest (EoI) for buying the government’s stake in Bharat Petroleum Corporation Limited (BPCL). Reportedly, a special purpose vehicle floated by the mining conglomerate, Vedanta Limited, and its London-based parent company, Vedanta Resources, submitted the EoI before the close of deadline on November 16, 2020. The EoI is at a preliminary stage and is exploratory in nature. Meanwhile, a major foreign player along with three-four other companies has submitted their EoIs for taking over government’s stake in BPCL.
The government has proposed to sell its entire 52.98 per cent stake in the BPCL as a part of its plans to raise Rs 2.1 trillion from disinvestment proceeds in 2020-21. BPCL has made a significant presence in the city gas distribution sector with the award of licenses 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.