The government is considering a tweak in the current foreign direct investment (FDI) policy to allow overseas investors pick up majority stake in the India’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), sources said.
The government is privatising BPCL and is selling its entire 52.98 per cent stake in the company.
For BPCL privatisation, mining-to-oil conglomerate Vedanta had put in an expression of interest (EoI) for buying the government’s 52.98 per cent stake in the PSU. The other two bidders are said to be global funds, one of them being Apollo Global Management.
The proposal is under discussion between the departments of disinvestment (DIPAM), industry (DPIIT) and economic affairs (DEA), they said.
