The Department of Investment and Public Asset Management (Dipam) has started the sale process of Bharat Petroleum Corp Ltd (BPCL) more than a month before the Cabinet decision last Wednesday to sell the entire government stake in the oil major.
In the run-up to the decision, the Dipam had on October 11 issued advertisements seeking transaction and legal advisors as well as asset valuers for the stake sale, but masked the identity of the state-owned firm by merely saying they operate under the administrative control of the Ministry of Petroleum and Natural Gas, or Ministry of Power, or Ministry of Shipping or Ministry of Railways.
