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BPCL's Mozambique deal under govt scanner; yet to get approval: Report
Posted on 28th October 2019
The government is looking into state-owned Bharat Petroleum Corp Ltd's (BPCL) investments in a gas block in Mozambique and has not yet formally given its approval to the firm for further spendings, sources said.

Bharat PetroResources Ltd (BPRL), an exploration and production subsidiary of BPCL, had in August 2008 bought a 10 per cent stake in Area-1 Offshore of the Rovuma Block from the US energy major Anadarko Petroleum Corp for $75 million.

Global energy giants line up for BPCL sale
Posted on 21st October 2019
Mumbai: Saudi Aramco, Rosneft, Kuwait Petroleum, ExxonMobil, Shell, Total SA and Abu Dhabi National Oil Co. are among companies that have had conversations with the government on asset sales and are likely to bid for the government’s stake in Bharat Petroleum Corp. Ltd, two people aware of the matter said.

BPCL surges nearly 6% as reports say Saudi Aramco may bid for govt stake
Posted on 16th October 2019
Shares of Bharat Petroleum Corporation (BPCL) climbed as much as 5.54 per cent to Rs 517.45 apiece on the BSE in the intra-day deals on Wednesday. The stock spurted after news reports suggested energy giant Saudi Aramco is likely to express its interest in the strategic sale of BPCL.

OPINION: BPCL disinvestment: Will the buck stop with Indian Oil?
Posted on 15th October 2019
The Modi government’s plan to privatise BPCL hasn’t received an enthusiastic response from prospective buyers. News reports suggest that Mukesh Ambani-led Reliance Industries is unlikely to bid for India’s second largest fuel retailer. Apart from the UK-based BP that gave a measured response to the sale offer, no international oil company has expressed interest in buying BPCL after a group of secretaries approved the sale of the government’s 53.29 per cent stake last month.

BPCL ratings: Reiterate ‘Sell’ amid adverse risk-reward balance
Posted on 9th October 2019
The recent outperformance of BPCL against other OMCs is pricing in upside from a potential open offer in lieu of control premium that maybe paid by a strategic buyer in a scenario of privatisation. Our reverse valuation also suggests that the market has already ascribed 10X EV/Ebitda to BPCL’s marketing business, at a premium to global M&A in the fuel retailing business, while ignoring differences with developed markets. Reiterate ‘Sell’ amid adverse risk-reward balance.

BPCL privatisation to prompt downgrade, says Moody’s
Posted on 4th October 2019
Moody’s Investors Service on Thursday said if a non-government firm takes over the entire government stake in BPCL, it would likely downgrade the state-run oil marketing company by two notches to Ba1, which denotes medium-grade and is subject to moderate credit risk. Whether BPCL is to be privatised or sold to another PSU, the proposed stake sale of 53.29% government stake in the company will prompt bond redemption and attendant refinancing risks, the rating agency added.

Push for early BPCL stake salev
Posted on 3rd October 2019
The government wants to start the process of the strategic sale, or privatisation, of BPCL by the end of November and complete the exercise before the end of this fiscal. The PSU is likely to draw the attention of global giants such as Saudi Aramco and Abu Dhabi National Oil Company (Adnoc), who are keen to enter the world's fastest-growing fuel retail market.

More PSU disinvestment: After HPCL, govt plans strategic stake sale in BPCL, four others
Posted on 25th September 2019
Carrying forward its divestment plan, the government is mulling over stake sale in the five central public sector enterprises (CPSEs), CNBC TV18 reported citing unidentified sources. The government may seek cabinet nod for strategic stake sale in the state-owned BPCL, CONCOR and SCI, the report added. In addition, approval will also be sought for acquisition of THDC by NTPC and NEEPCO by NHPC, it also said.

Govt plans to sell BPCL, Concor, Air India by March 2020: Report
Posted on 23rd September 2019
New Delhi: India aims to sell two or three state-owned firms to local or foreign firms to raise up to ₹60, 000 ($8.5 billion) by March 2020, a senior Finance Ministry official said on Monday.

The government planned to sell Bharat Petroleum Corp Ltd, logistics firm Container Corp of India Ltd and debt-laden Air India before the end of the 2019/20 financial year, the official, who asked not to be named, told reporters.

Bharat Gas gets five-year loan from Bank of Baroda for ₹3,100 crore
Posted on 23rd September 2019
Mumbai: Bharat Gas Resources Ltd (BGR) a wholly-owned subsidiary of Bharat Petroleum Corporation Ltd (BPCL), has signed a five-year loan agreement with Bank of Baroda for ₹3100 crore, according to two officials aware of the deal.

The company will use the loan to fund expansion of its city gas distribution business. BGRL has a board approved borrowing limit of ₹4000 crore.

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