Gujarat State Petroleum Corp (GSPC) has once again extended the bid-submission deadline for the 12 onshore blocks that it has put on auction. The Gujarat government company, which is on a debt reduction path, has met a roadblock, as likely bidders didn’t show interest and instead sought auction-date extension.
While GSPC received bid interest from one foreign private equity firm, central PSUs like Indian Oil Corp Ltd (IOCL), Hindustan Petroleum Corp Ltd (HPCL), and Bharat Petroleum Corp Ltd (BPCL) have sought further extension of the May 15 deadline, said a state government official.
These companies have sought extension as the GSPC’ deadline coincided with the central government’s Open Acreage Licensing Policy (OALP), its last day of bid submission also being May 15, the official said. Read More