Vedanta confirms bid for BPCL, calls it ‘exploratory’

The Vedanta group confirmed on Wednesday that it has submitted an expression of interest (EoI) to acquire the government’s 52.98 per cent stake in Bharat Petroleum Corporation Ltd (BPCL).

Vedanta Limited is the holding company of Cairn India, which accounts for around a quarter of India’s annual crude oil output. The deadline for submission of EoIs for BPCL was November 16.

“Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil and gas business. The EoI is at a preliminary stage and exploratory in nature,” said a company spokesperson in an official statement.