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Govt possible to lengthen deadline for BPCL bidding for 3rd time

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The government is possible to increase the deadline for bidding for the privatisation of Bharat Petroleum Company (BPCL) for the 3rd time in a row, from the existing day of July 31.&#13
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According to resources, the extension of the timelines for expression of interest (EoI) may well very well be right until intercontinental airline companies are again in place, as a lot of future bidders have expressed worries with regards to the recent scenario.&#13
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An empowered group of secretaries, headed by Cabinet Secretary Rajiv Gauba, is set to just take up the issue in a assembly on Thursday. The other users of the committee consist of Niti Aayog main government officer Amitabh Kant and Tuhin Kumar Pandey, secretary of the Office of Investment and Community Asset Management (DIPAM).&#13
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The meeting will go over the formalities and timelines of disinvestment. “It is anticipated that the timelines may possibly be additional extended from the present-day deadline of July 31. Consequently, it may perhaps even be far more than a month,” said a resource informed of the enhancement.&#13
ALSO Study: As revenue dips in Covid periods, govt sets ball rolling for BPCL sale&#13
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The committee will also take into account a lot of problems lifted by future bidders on the back of Covid-19 pandemic, together with a timeline extension.&#13
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A main roadblock right before global investors is the shutdown of flights. According to field professionals, for any investor to position bids will have to appear to the place, meet officers and talk about points with BPCL management and also bodily go to the web pages and inspect assets.&#13
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“In BPCL’s circumstance, this has not transpired and this is a single of the main issues right before the overseas players,” reported a supply.&#13
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The Cabinet had permitted the sale of government’s total 52.98 per cent stake in BPCL in November final yr. Features in search of expression of interest (EoI), or bids showing interest in getting its stake, ended up invited only on March 7.&#13
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To begin with, the EoI submission deadline was May 2, but on March 31 it was extended up to June 13 and then to July 31. In accordance to the recognize inviting offer, the government’s program is to market its full shareholding in BPCL comprising of 114.91 crore equity shares, with transfer of administration control to a strategic consumer, excluding the firm’s 61.65 for every cent in Numaligarh Refinery in Assam.&#13
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The company’s stakes in Numaligarh refinery is anticipated to be marketed to another public sector enterprise. So far, a consortium of condition-run Oil India (OIL) and Engineers India (EIL) has shown interest in using up BPCL’s 48 for every cent stake in Numaligarh. The remaining stake would be offered to the authorities of Assam, to enhance the state’s share to 26 for every cent in the enterprise.&#13
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The bidding for BPCL includes two stages, 1 participation of competent bidders in the EOI stage and then economical bids. Any personal business possessing a net worth of in excess of $10 billion will be eligible for bidding, or a consortium of not far more than four companies will be authorized to take part. However, condition-run businesses are not permitted to take part in the method.&#13

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