BPCL to evaluate bids from Vedanta, Apollo Global and Think Gas

A high-powered committee will evaluate on Tuesday 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 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 adviser Deloitte’s report on the scrutiny of the three bids that were received at the close of bidding last month, sources in know of the development said. The ministry of petroleum and natural gas, the parent ministry of the Bharat Petroleum Corporation Limited (BPCL), has been asked to give its views on the response and the process so far.