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    BPCL   INE029A01011

BHARAT PETROLEUM CORPORATION LIMITED

(BPCL)
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Delayed NSE India Stock Exchange  -  01:21 2022-06-30 am EDT
314.80 INR   -0.51%
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Exclusive-India weighs selling part of BPCL instead of full stake - sources

05/17/2022 | 09:22am EDT
FILE PHOTO: A man paints the logo of oil refiner Bharat Petroleum Corp on a wall on the outskirts of Kochi

NEW DELHI (Reuters) - India is considering selling up to a quarter of state-run refiner Bharat Petroleum Corp Ltd after failing to attract suitors for the whole firm, two officials said, as the government's divestment programme moves slower than expected.

New Delhi is considering inviting bids for a 20%-25% stake in BPCL, instead of an outright sale of its entire 52.98% holding, the two government officials, who declined to be named, told Reuters.

The officials said discussions about the plan were in the early stages.

Initially, the government had aimed to raise $8-$10 billion from selling its full stake in BPCL. Having drawn up plans four years ago, it invited bids in 2020, hoping major players such as Russia's Rosneft might be interested.

But Rosneft and Saudi Aramco https://www.reuters.com/article/uk-india-bpcl-privatisation-exclusive-idUKKBN26K2KI did not bid, as low oil prices at that time and weak demand curbed their investment plans.

The government officials said even a part sale of BPCL was unlikely to be completed this fiscal year as the process would take over 12 months.

Sale prospects were hit by inconsistent policies on petrol and diesel prices, one of them said.

"There were many issues but most recently petrol prices not being raised for four months between November and February were presumed due to elections by the government," the official said.

India had elections in five states including the bellwether Uttar Pradesh in February and pump prices only started moving up from March 22, by which time Prime Minister Narendra Modi's Bharatiya Janata Party had won in four out of five states.

The current discussion began after all bidders had withdrawn from the process last month, both officials said.

Private equity firm Apollo Global Management and oil-to-metals conglomerate Vedanta Group were the final bidders, they said.

The government, Vedanta and BPCL did not immediately reply to emails seeking comment. Apollo Group declined to comment.

The backtracking on BPCL's full stake sale is symptomatic of slow progress in the government's privatisation plans.

In 2020, Finance Minister Nirmala Sitharaman announced plans to privatise most state-run companies, including banks, mining companies and insurers.

But little progress has been made, and both officials said the government had deferred plans to sell any other banks this fiscal year apart from IDBI Bank, which is majority owned by Life Insurance Corp of India. LIC sank on its market debut on Tuesday after the government sold a 3.5% stake.

(Reporting by Aftab Ahmed; Editing by Mark Potter)

By Aftab Ahmed


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
APOLLO GLOBAL MANAGEMENT, INC. 4.12% 52 End-of-day quote.-28.21%
BHARAT PETROLEUM CORPORATION LIMITED -0.40% 314.8 Delayed Quote.-17.34%
IDBI BANK LIMITED -1.44% 30.8 End-of-day quote.-33.62%
LONDON BRENT OIL 0.31% 115.97 Delayed Quote.51.70%
ROSNEFT OIL COMPANY PJSC 0.62% 384.2 End-of-day quote.-35.96%
SAUDI ARABIAN OIL COMPANY 0.90% 39.2 End-of-day quote.20.45%
THE SHIPPING CORPORATION OF INDIA LIMITED -1.83% 96.4 End-of-day quote.-28.54%
VEDANTA LIMITED -1.72% 227.9 Delayed Quote.-31.18%
WTI 0.21% 109.852 Delayed Quote.46.36%
All news about BHARAT PETROLEUM CORPORATION LIMITED
06/22Indian Indices Return to Red Midweek; Hindalco Industries Slides 7%
MT
06/22India's BPCL halves crude runs at Mumbai refinery; plans repairs at other plants
RE
06/17Indian refiners' May crude processing rises y/y, but supply risks loom
RE
06/15Fitch Ratings Keeps Bharat Petroleum Rating at BBB-; Raises Outlook to Stable
MT
06/15India diesel sales rise 48% in first two weeks of June
RE
06/09Indian Indices Return to Green on Thursday; Tata Steel Drops 4%
MT
06/08Exclusive-Russia has no extra oil to sign deals with two Indian buyers - sources
RE
06/08Crisil Retains AAA Rating on Bharat Petroleum's Bank Financing, Bonds; Outlook Stable
MT
06/07Indian Government Nixes Disinvestment Process of Bharat Petroleum
MT
06/06Indian Refiners In Talks With Russia's Rosneft to Secure Discounted Oil Cargoes
MT
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Analyst Recommendations on BHARAT PETROLEUM CORPORATION LIMITED
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Financials
Sales 2022 3 689 B 46 714 M 46 714 M
Net income 2022 101 B 1 278 M 1 278 M
Net Debt 2022 522 B 6 614 M 6 614 M
P/E ratio 2022 6,63x
Yield 2022 7,16%
Capitalization 686 B 8 691 M 8 691 M
EV / Sales 2022 0,33x
EV / Sales 2023 0,30x
Nbr of Employees 9 251
Free-Float 43,7%
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Mean consensus BUY
Number of Analysts 31
Last Close Price 316,40 INR
Average target price 435,90 INR
Spread / Average Target 37,8%
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Managers and Directors
Arun Kumar Singh Chairman & Managing Director
Ramakrishna Gupta Vetsa CFO, Finance Director, Director & Head-Treasury
P. Anilkumar Executive Director-Information Systems
Ravikumar V. Chief General Manager-Research & Development
Chacko M. Jose Chief General Manager-Kochi Refinery Operations
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