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BPCL’s LPG customers will continue to get subsidy post-privatisation: Oil minister
New Delhi: Oil minister Dharmendra Pradhan on Friday was reported as saying that LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of India’s second-biggest fuel retailers. A PTI report on Friday quoted the minister as saying, “Subsidy on LPG is paid to...
BPCL divestment bid ends today
New Delhi: The government, which is selling its entire 52.98 per cent stake in India’s second largest oil refining and marketing company, had on four occasions extended the date of putting in the preliminary expression of interest (EoI). The current deadline is November 16. Department of Investment and Public Asset...
Privatisation-bound BPCL postpones key expansion projects
New Delhi: Privatisation-bound PSU refiner Bharat Petroleum Corporation Ltd. (BPCL) has delayed expansion plans for its refinery projects, pending its share sell off programme that will see government completely exiting from the company and handing over its management to a strategic investor. BPCL has plans to expand its Bina refinery...
BPCL may buyout Oman Oil stake in Bina refinery before its sale
New Delhi: Government sources said that BORL became a subsidiary of BPCL in March this year and the next step now is to convert it into a 100 per cent subsidiary before government stake in the company is sold to a strategic partner. For this to happen, it is essential...
BPCL to offer stock options to employees
New Delhi: State-owned Bharat Petroleum Corp Ltd (BPCL) has offered its employees stock options at one-third of the market price as the company looks to reward staff ahead of its privatisation. The board of BPCL on Friday “approved the proposed Employee Stock Purchase Scheme (ESPS) to the specified employees through...
Aramco, Rosneft and Reliance join race to buy BPCL
New Delhi: Global giants such as Saudi Aramco, Exxon Mobil and India’s Reliance Industries are in the race to pick up the Centre’s 52.98 per cent stake in BPCL as the shares of the PSU jumped 12.65 per cent, or Rs 49.85, to Rs 443.90 on the Bombay Stock Exchange...
VRS offers to BPCL employees before privatization
New Delhi: Public sector company Bharat Petroleum Corporation Limited has come out with a voluntary retirement scheme (VRS) for its employees. The government is going to privatize the country’s third largest oil refinery and the second largest petroleum marketing company. Prior to privatization, the company has offered VRS to its...
Government invited bids to sell its entire stake in BPCL
New Delhi: As part of the largest privatization initiative in the country, the government on Saturday invited bids to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation Limited (BPCL), the second largest oil refinery company. According to the bid document of the Department of Investment and Public...
Sales bid document approved for privatization of BPCL
New Delhi: The Inter Ministerial Group has approved the sale bid document for the privatization of Bharat Petroleum Corporation Limited (BPCL), the country's second largest oil refinery company. After the approval of the Group of Ministers, notice will be issued for inviting bids. The Inter-Ministerial Group (IMG) consists of representatives...