Bharat Petroleum : India Government Extends Deadline for BPCL Bids Due to Covid-19

By P.R. Venkat

The Indian government has extended the time for interested parties to submit their bids for Bharat Petroleum Corp. by two months due to the Covid-19 pandemic.

Bidders now have to submit their "expression of interest" by July 31, the Department of Investment and Public Asset Management said on its website late Tuesday.

The decision to extend the deadline follows requests from interested bidders seeking more time due to the situation arising from the pandemic.

India has imposed a lockdown since late March to contain the spread of coronavirus, which has impacted travel and business operations.

The government had in March invited bids to sell its 53% stake in BPCL, the country's second-largest oil retailer, as part of the efforts to speed up the privatization process.

BPCL is also a refining company with an installed refining capacity of 38.3 million metric tons per year and accounts for 15% of India's total refining capacity.

It has nearly 26% market share with a total of 14,802 retail outlets.

Write to P.R. Venkat at [e-mail]