NEW DELHI: The Department of Investment and Public Asset Management (DIPAM) has appointed Deloitte Touche Tohmatsu Ltd as advisor for the strategic sale of Bharat Petroleum Corporation Ltd (BPCL), which will see government selling its direct stake of 53.29 per cent in the second largest oil refiner, sources said.
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On Thursday, SBI Capital, law firms Shardul Amarchand, Luthra & Luthra, J Sagar Associates and Deloitte made presentations before DIPAM Secretary and other senior officials. The completion of the stake sale in BPCL by March 2020 is crucial to the government for mobilising more than Rs 65,000 crore, or USD 8.4 billion, and narrow the fiscal deficit.
