IMG clears BPCL sale bid docs, to be issued after ministerial group nod

An inter-ministerial group has approved sale bid documents for privatisation of India’s second biggest oil refiner Bharat Petroleum Corp Ltd (BPCL), and a notice seeking bids will be issued after a small group of ministers approves it, sources said.

An inter-ministerial group or IMG comprising representatives from the ministries of finance, petroleum, law, corporate affairs and department of disinvestment has approved Expression of Interest (EoI) and Preliminary Information Memorandum (PIM) for the company.

This will now be put up for approval by ‘Alternative Mechanism’ which is essentially a very small grouping of key Cabinet ministers, sources privy to the development said.