India has allowed bidders entry to the monetary information of Bharat Petroleum Corp. as the federal government strikes forward with plans to promote its complete stake within the nation’s second-biggest state refiner, in response to individuals acquainted with the matter.
The info room has been open because the final week of April and a few bidders have held conferences with BPCL administration, mentioned one of many individuals, who requested to not be recognized because the talks are non-public.
Shares in BPCL erased losses in Mumbai after the Bloomberg News report, rising as a lot as 3% to their highest degree since March 16. The federal government’s 53% stake within the refiner is valued at about Rs 50,900 ($6.9 billion) primarily based on Friday’s closing worth.
The BPCL privatization, which may very well be the nation’s greatest, is essential for India. The federal government wants to boost capital to make up the autumn in tax revenues because the pandemic hit the financial system. Finance Minister Nirmala Sitharaman mentioned final month the plan to boost about $23 billion from promoting stakes in state-run corporations, together with BPCL, remains to be on the right track regardless of the recent wave of coronavirus infections.
The latest Covid-19 outbreak might nonetheless decelerate the sale course of, one of many individuals mentioned. A consultant for the finance ministry declined to remark, whereas a consultant for BPCL didn’t instantly reply to requests for remark.