Government appoints Deloitte as advisor for BPCL stake sale
NEW DELHI: The Department of Investment and Public Asset Management has appointed Deloitte Touche Tohmatsu Ltd as advisor for the strategic sale of Bharat Petroleum Corporation, a senior banker associated with the process said.
Completion of the stake sale in India’s second-largest state-owned oil refiner by March 2020 could help the government mobilise more than Rs 60,000 crore, or $8.4 billion, and narrow the fiscal deficit. At the closing price of Rs 509.95 on the BSENSE -0.17 % on Thursday, BPCL’s market cap was Rs 1,10,621 crore, valuing the government’s 53.29% stake at a tad below Rs 59,000 crore.
