Gautam Adani’s Vednata Group has finally announced their interest in the state-run Bharat Petroleum Corporation Limited (BPCL), as the government plans to disinvest from the public sector undertaking (PSU) by the end of financial year 2019-20. Recently, the executive chairman of the Vedanta Group, Anil Agarwal, said that the group will definitely consider making an offer for the state-run BPCL when the bids will be invited.
The Cabinet recently approved strategic disinvestment of the government’s 53.29% stake in BPCL, along with transfer of management control. This excludes BPCL’s equity share holding of 61% stake in Numaligarh refinery.
“We are evaluating. We are in oil business. We produce 30% oil and gas of the country and we will be very keen because [we are into] oil, energy security. We will evaluate if it makes sense where we can supply our oil. If it makes sense, we should look at BPCL or any kind of asset,” said Agarwal.