The strategic divestment of Bharat Petroleum Corporation Ltd (BPCL) is unlikely to be completed this fiscal. CNBC-TV18 has learnt that the process is a lengthy one and therefore the process is likely to beyond March 31, 2020.
BPCL is the big asset in terms of the new disinvestment policy wherein for the first time the government has put out a top profitable company for a strategic stake sale by completely exiting the company.
Sources in the know of things say that investors need time to study the assets in detail. This is expected to take a minimum of 6-8 weeks for due diligence after Expression of Interest (EoI) is launched.
It's noteworthy that the divestment process will have to follow SEBI norms which mandate that the selected bidder will have to make an open offer for BPCL. For example, a 57 day time period has to be given for the open offer post-acceptance of financial bid.