The Vedanta group has filed a preliminary letter of interest (EOI) to buy the government stake in Bharat Petroleum Corporation Limited (BPCL).
The Vedanta group has shown interest in buying government stake in Bharat Petroleum Corporation Limited (BPCL). The Vedanta group said on Wednesday that it has filed a preliminary letter of interest (EOI) in this regard.
A spokesperson for the company said in a statement, “Vedanta’s EOI for BPCL is to evaluate the potential synergy with our existing oil and gas business.” Vedanta’s interest in India’s second largest fuel retailer is its own The reason is to keep pace with the current oil and gas business.
Reliance made a distance
Earlier, the country’s giant Reliance Industries surprised everyone by not joining the initial bid for the sale of BPCL. Actually, Reliance was being considered as a strong contender for its purchase. If Reliance Industries had bought BPCL, its market share would have increased by 22 percent and it would have become the number one oil company in the country. But he did not know why.
Government’s 52.98 percent stake
Let us tell you that the government is selling its entire stake in BPCL and the last date for filing a Letter of Interest (EOI) for this was 16 November. The government holds a total 52.98 percent stake in BPCL. The government holds 114.91 crore shares in the company, which is equivalent to 52.98 percent stake in the company. Apart from this, management control of the company will also be transferred to the strategic buyer. However, this does not include 61.65 percent stake in the company’s Numaligarh refinery.
Deadline was increased four times
Due to non-availability of buyer of BPCL, the date of submission of EOI was being extended repeatedly. First the date of submission of EOI was two May, but on 31 March it was increased to 13 June. Before the deadline was completed, it was increased to 31 July on 26 May. After this, the deadline till 30 September was given. Once again, the opportunity was given until 16 November. Through the EOI, it is known which companies or investors are willing to bid.