The government is likely to invite preliminary bids for stake sale in Bharat Petroleum Corporation (BPCL) next month. The stake sale in big assets like BPCL will take time as due diligence has to be carried out. Earlier, the Cabinet had approved a strategic divestment of the government’s 53.29 per cent stake in the company, along with transfer of certain management control. This is excluding BPCL’s equity share holding of 61 percent stake in Numaligarh Refinery.
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.