BPCL disinvestment update: Shortlisted firms can bid via SPV, govt clarifies

Stepping up the processes for strategic disinvestment of government’s entire stake in fuel retailer and refiner BPCL, the Centre on Friday clarified that any shortlisted bidder can float a special purpose vehicle (SPV) to put final bids for the firm before entering into a share purchase agreement (SPA).

“The SPV can be formed at any time after submission of expression of interest (EoI) but prior to signing of the SPA. Both the interested party (IP) and the SPV will have to sign the SPA in case IP is selected as the strategic investor,” the department of investment and public asset management said in a pre-bid clarification.