New Delhi: The global oil department can work with investment funds that already exist in the competition to acquire Bharat Petroleum Corporation Ltd (BPCL), the steps of detailed documents needed to complete India’s biggest privatization show.
Billionaire Anil Agarwal’s Vedanta Group and two US funds – Apollo Global and I Squared Capital – have last year handed over the initial offer to buy all 52.98 percent of government shares in the third largest oil purifier in India and the second largest fuel retailer.
Detailing ‘The next step’, ‘a brief note about being disinvestable BPCL’ said Value’s transaction and asset advisors will submit an initial report, the bidder must complete the due diligence on the company’s purchase and sales agreement must be completed.
Also, the “security permit” bidder may be needed “because the consortium is formed”, he said without providing details.
The bidding process allows other interested parties to join and form a consortium with one of the bidders who have submitted an expression of interest (eoi).
The company run by Indian billionaire Mukesh Ambani and Gautam Adani and global oil majors such as the Royal Dutch Shell, BP and Exxon did not submit EOI to acquire BPCL at the close of the deadline on November 16 2020.
However, some oil top producers from the Middle East and Rosneft Russia It is said to be interested in BPCL which will provide access to buyers to more than 14 percent of Indian oil purification capacity and 23 percent fuel market share.
But they did not bid.
Industrial sources say there is a possibility that one of the global oil departments or Middle Eastern oil producers may work with investment funds in races.
Ambani Reliance Industries Ltd.
and Adani Group “very impossible” to join the race, said source.
Steel Magner Lakshmi N Mittal, which runs an oil refinery in Punjab in a joint venture with Hindustan Petroleum Corporation Ltd., is considered a potential candidate but the sources say he is not interested in BPCL whose acquisition will cost almost 80,000 crore rs with current market trade prices .
The document shows a financial offer will be called after the submission of asset assessment reports and business assessment reports by each Value Asset and Transaction Advisor.
The reserve price will be repaired after that and the price bid will open after that.
If the offer is received, the bidder citing the highest price will be called for the executive stock purchase agreement and make a payment.
Open the required offers under the guidelines / agreements that still exist must be followed, he said.
BPCL has 35.30 million tons of oil purification capacity spread across three refineries in Mumbai, Kochi in Kerala and Bina in Madhya Pradesh.
It has 18,768 gas stations and 6,169 LPG distributors.