Vedanta Group submits expression of interest in purchasing Government of India's stake in BPCL
The Government of India is looking to sell its entire 52.98 percent stake in BPCL. The last date to put forward an expression of interest was 16 November
New Delhi: Vedanta Group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying government's stake in Bharat Petroleum Corp Ltd (BPCL).
Vedanta's interest in India's second largest fuel retailer is because of synergies with its existing oil and gas business.
ing EoI was 16 November.
"Vedanta's EoI for BPCL is to evaluate potential synergies with our existing oil and gas business," the company spokesperson said in a statement.
"The EoI is at a preliminary stage and exploratory in nature."
The government had at the close of bidding stated that "multiple" EoIs had been received.
It, however, did not reveal the identity of the bidders
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
Airline and oil marketing stocks on Monday fell as crude oil prices surged after OPEC and its allies agreed to cut down on crude production
Govt opens up fuel retailing; allows non-oil companies to set up petrol pumps to increase competition
The government on Wednesday opened up fuel retailing norms, allowing non-oil companies to set up petrol pumps to increase competition
State-owned oil companies on Tuesday accused Air India of not honouring its commitment to pay Rs 100 crore every month to clear overdue ATF outstanding of over Rs 5,000 crore and will be forced to snap supplies at major airports from Friday if no solution is offered