No further extension of BPCL bid submission deadline, says DIPAM Secretary

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As the current deadline for the submission of Expression of Interest(EoI) for BPCL sale expires on November 16, there won’t be any further extension, as specified in a statement from DIPAM Secretary Tuhin Kanta Pandey. In the past, the government has extended the deadline four times due to the COVID-19 lockdown, on account of requests received from bidders. This indicates the government’s readiness to proceed with the privatization of Bharat Petroleum Corporation Limited (BPCL).

The Modi Government is keen on completing the process before the closure of FY2020-21 since the deal would contribute a big chunk of funds to the overall disinvestment target of Rs 2.1 lakh crore. So far, DIPAM has managed to raise only Rs 5,695.63 crore from disinvestment .