Total, RIL unlikely to bid for BPCL; BP wants to see whats on offer


Total, RIL unlikely to bid for BPCL; BP wants to see whats on offer

French energy giant Total SA as well as oil-to-telecom conglomerate Reliance Industries are unlikely to bid for acquiring India’s second biggest oil refining and marketing company BPCL, while UK’s BP plc said it wants to see what is on offer before deciding to bid.

The government is looking at selling its 53.29 per cent stake in BPCL to a strategic investor in the biggest privatisation bid in the history of India. BPCL has a market capitalisation of Rs 1.05 lakh crore and its acquisition together with the mandatory open offer to minority shareholders would cost upwards of Rs 82,000 crore.

On a visit here to attend an industry conference, Total Chairman and CEO Patrick Pouyanne said the company was interested in investing in downstream petrochemicals and retailing market in India but was “not interested in Indian refineries”.

The French giant announced buying 37.4 per cent stake in Adani Gas – which retails CNG to automobiles and piped cooking gas to households besides developing import terminals and a national chain of petrol stations. Read More

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