Vedanta confirms it is in fray for BPCL stake

NEW DELHI: The Anil Agarwal controlled Vedanta Group said on Wednesday that it has submitted an expression of interest (EoI) for buying the government’s 53% stake in oil retailer Bharat Petroleum (BPCL).
“Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil & gas business. The EoI is at a preliminary stage and exploratory in nature,” a company spokesperson said. On Wednesday, TOI had reported that Vedanta, along with two funds, had evinced interest in the disinvestment process. The names of the others in the race were not immediately known. While 3-4 players are in the fray, several top global players are missing from the field. Separately, the government denied any move to change the rules and allow public sector players to bid.
“An unfounded story by a news agency incorrectly speculates that public sector companies may be allowed to bid for BPCL disinvestment.