India divests 53.29% stake in Bharat Petroleum (BPCL) in privatization drive

Subscribe to our newsletter and get the latest news and business opportunities in your inbox

The Government of India is looking for interested bidders to acquire the 53.29% stake it is divesting in the privatization of the state-owned oil and gas company, Bharat Petroleum (BPCL). 

The sale of the stake in BPCL is expected to raise up to INR600 billion (US$8.477 billion) of investment. Saudi Aramco and other global oil giants such as Rosneft, Kuwait Petroleum, ExxonMobil, Shell, Total and Adnoc, have expressed interest to bid. 

BPCL is based in Mumbai, Maharashtra, India and operates the following refineries:

  • Mumbai Refinery: Located near Mumbai, Maharashtra. It has a capacity of 13 million metric tonnes per annum.
  • Kochi Refinery: Located near Kochi, Kerala. It has a capacity of 15.5 million metric tonnes per annum.
  • Bina Refinery: Located near Bina, Sagar district, Madhya Pradesh. It has a capacity of 6 million metric tonnes per year. This refinery is operated by Bharat Oman Refineries Limited, a joint venture between Bharat Petroleum and Oman Oil Company.
  • Numaligarh Refinery: Located near Numaligarh, Golaghat district, Assam. It has a capacity of 3 million metric tonnes per year.

The Department of Investment and Public Asset Management (DIPAM)  is set to hire an adviser for the transaction by November. The valuation of the asset is expected to be completed in the next 50 days. 

List of the country updates

Country updates

  • October 21, 2019

    Omaxe to raise INR 4500 million (US$ 63.37 million) for parking and commercial center project in New Delhi

    Omaxe Limited is in talks with private equity firms to raise INR 4500 million (US$ 63.37 million) for parking center project spread over 4.5 acres in New Delhi. The project includes the...

    Read more
  • October 19, 2019

    GVK increases equity stake in Mumbai airport to 50.5%

    GVK Airport Holdings Private Limited, a subsidiary of GVK Power & Infrastructure Limited (GVKPIL), has completed the acquisition of 10,80,00,000 equity shares worth INR10 each (amounting to a...

    Read more
  • October 15, 2019

    India sets to launch privatization of Air India

    The Government of India is set to launch the privatization process for the national flag carrier airline, Air India.  The government is set to release the expression of interest (EOI) tender bef...

    Read more
  • October 10, 2019

    PMRDA signs contract with TRIL, Siemens for Shivajinagar-Hinjewadi Metro line project

    Pune Metropolitan Region Development Authority (PMRDA) has signed a concession contract with TRIL Urban Transport (a subsidiary of Tata Realty and Infrastructure Limited) and Siemens Project Vent...

    Read more
  • October 08, 2019

    India to offer INR300bn highway concession on PPP mode

    The National Highway Authority of India (NHAI) has launched a pre-qualification bid for the Build-Operate-Transfer (BOT) concession scheme of around 950-kilometer road with an estimated worth of...

    Read more

Share this update