The shortlisted bidders for fuel retailer-cum-refiner BPCL and national carrier Air India (AI) are likely to be asked to submit their financial bids in a couple of months, as the government intends to complete the two transactions latest by July-August if not early, an official source told FE.
Even though the department of investment and public asset management (Dipam) had set a target to complete the transactions by June-end, the government may have to give shortlisted bidders a little bit of extra time if needed to complete their due diligence of the companies and their assets.
“Covid-19 has affected travel, especially from overseas. Some bidders may need to bring in experts from overseas for valuation of the assets and/or physical verification of plants and equipment to assess their real worth,” the official said.
