BPCL gets 3-4 bids; Reliance skips, no supermajor in race

The government on Monday received ‘multiple’ bids for buying out its stake in India’s second-biggest fuel retailer BPCL but billionaire Mukesh Ambani’s Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not make a bid.

Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the strategic sale, tweeted that the transaction advisors for the sale of government’s 52.98 per cent stake in Bharat Petroleum Corp Ltd (BPCL) have reported receiving “multiple expressions of interest.”