A high-powered committee will, on Tuesday, evaluate preliminary bids received from mining-to-oil conglomerate Vedanta and private equity firms Apollo Global and I Squared Capital’s arm Think Gas for buying the government’s 52.98 per cent stake in Bharat Petroleum Corporation Limited (BPCL), sources said.
Last week, an inter-ministerial meet was held to discuss the BPCL valuation process and setting of the reserve price. On Tuesday, the panel will see transaction advisor Deloitte’s report on the scrutiny of the three bids that were received at the close of bidding last month, sources said. The Ministry of Petroleum and Natural Gas has been asked to give its views on the response and the process so far.
