The other potential investors are foreign funds but their identity was not immediately disclosed. NEW DELHI: Vedanta Resources said it submitted an expression of interest (EoI) for the government's stake in Bharat Petroleum Corp Ltd, making it one of three likely bidders, according to people with knowledge of the matter.The privatisation of India's second largest oil refining and marketing company is key to the government's disinvestment programme for the fiscal year. State-run Hindustan Petroleum Corp HPLC.NS and Oil and Natural Gas Corp ONGC.NS are expected to hold 51 percent and 26 percent stake respectively, the report said. But share price of BPCL has plunged by nearly a fourth since the time the strategic sale was approved in November last year. Vedanta Aluminium Ltd (VAL) is hopeful of running its 1-million-tonne refinery at Lanjigarh, Odisha, till December 5, buoyed by bauxite supplies from Gujarat Mineral Development Corp (GMDC) and Bharat Aluminium Co Ltd (Balco)’s Kawardah mines in A high-powered committee will on Tuesday evaluate preliminary bids received from mining-to-oil conglomerate Vedanta and private equity firms Apollo Global and I … is keen on buying a minority stake in an oil refinery planned in Rajasthan, the Hindustan Times reported on Sunday citing a government statement. Click here to join our channel (@TheWeekmagazine) and stay updated with the latest headlines, The cabinet committee approved sale of government's entire 53.29 per cent stake along with transfer of management control in the country's second-biggest state-owned refiner BPCL after taking out Numaligarh refinery from its fold | File, here to join our channel (@TheWeekmagazine), Pence tells Trump he doesn’t have power to overturn election results, Many farmers support agri laws, protesters must understand sentiments behind reforms: Tomar, ‘Maara' not cliche romance, it's a story about love: Director Dhilip Kumar, ISL 2020-21: Bengaluru FC part ways with coach Carles Cuadrat, 2020 was eighth warmest year since 1901: IMD. At Wednesday's closing price of Rs 383.20 on BSE, the government's 52.98 per cent stake in BPCL is worth just over Rs 44,000 crore. Vedanta produces refined metals by processing and smelting extracted minerals at their zinc, lead, silver, copper, and aluminium smelters, as well as other processing facilities in India and Africa. Vedanta's interest in BPCL stems from its USD 8.67 billion acquisition of oil producer Cairn India nearly a decade back. Vedanta said it plans to raise capacity of its Lanjigarh Alumina refinery to 6 million tonnes per annum (mtpa) with an investment of Rs 10,000 crore. Tuhin Kanta Pandey, secretary, Department of Investment and Public Asset Management (DIPAM), which is handling the strategic sale, had tweeted on November 16 that the transaction advisors for the sale of government's 52.98 per cent stake in BPCL have reported receiving "multiple expressions of interest.". Vedanta Resources could not be immediately reached for comment. The government had at the close of bidding stated that "multiple" EoIs had been received. The Ravva oil and gas field in the Krishna- Godavari Basin was developed in partnership with Cairn India, ONGC, Videocon and Ravva Oil, under a production sharing contract (PSC) that runs until 2019. Vedanta Resources Limited is a globally diversified natural resources company who extracts and processes minerals, oil and gas and employs more than 65,000 employees worldwide. 📣 The Week is now on Telegram. The state owned refinery holds a 63.68 per cent stake in Bharat Oman Refineries Ltd (BORL), which built and operates a 7.8 million tonne oil refinery at Bina in MP The BPCL board will also consider merging Bharat Gas Resources Ltd (BGRL) with itself, the company said in a filing to the stock exchanges on Tuesday. Anil Agarwal’s Vedanta Group on Wednesday confirmed that it is among those who expressed their interest in acquiring Government of India’s stake in the state-run refinery … "The EoI is at a preliminary stage and exploratory in nature.". Vedanta owns oilfields in Rajasthan and BPCL would give it refineries that could process and turn the crude oil it produces into value-added fuels such as petrol and diesel. Gold Refinery Dubai Gold Refining Company, Gold Buyers in Dubai. UK's BP plc and Total of France -- which have plans to foray into the Indian fuel market -- had previously ruled themselves out of the BPCL race as they did not want to add oil refining assets when the world was moving away from liquid fuels. Vedanta owns oilfields in Rajasthan and BPCL would give it refineries that could process and turn the crude oil it produces into value-added fuels such as petrol and diesel. It also owns 17,138 petrol pumps, 6,151 LPG distributor agencies and 61 out of 256 aviation fuel stations in the country. The jump in production will be backed by a significant improvement in operating efficiencies, the company informed in a release on Thursday. XGI GOLD invests in improving its technology to enhance the capabilities of . REUTERS - London-based Vedanta Resources VED.L is keen on buying a minority stake in an oil refinery planned in Rajasthan, the Hindustan Times reported on Sunday citing a government statement. Updated: 18 Apr 2008, 01:19 AM IST Padmaparna Ghosh. The company produces oil from oilfields in Rajasthan which are used in refineries such as those operated by BPCL to turn them into petrol, diesel and other fuels. Vedanta plans to double alumina capacity at its refinery in the eastern state of Odisha to 4 million tons over the next 2.5 years. We are in oil business. Reliance Industries, which was considered a potential bidder as BPCL would have added 22 per cent fuel market share to its fledgling retail business and made it the nation's number one oil refiner, did not put in a bid. This process may take two-three weeks, thereafter request for proposal (RFP) will be issued and financial bids sought. Vedanta’s Lanjigarh alumina refinery is set for a record performance in FY20, with total production expected to increase to 1.8 million tonne (mt) from 1.5 mt in the previous financial year. Vedanta refinery may lose ground for growth  The firm also has upstream presence with 26 assets in nine countries such as Russia, Brazil, Mozambique, the UAE, Indonesia, Australia, East Timor, Israel and India. "We are evaluating. “Vedanta will support the refinery by having a small stake in the project,” the paper quoted a state government statement. Umer Beigh / March 28, 2019. They also stated that a major foreign player was among the three-four entities whose EoIs were received by the close of the bidding on November 16. "Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received," Finance Minister Nirmala Sitharaman had also tweeted on the same day. Sources in the department handling the sale said the EoI has been put in by a special purpose vehicle or SPV floated by Vedanta Ltd and Vedanta Resources. This is excluding BPCL's equity share holding of 61 per cent stake in Numaligarh Refinery. The … "Vedanta's EoI for BPCL is to evaluate potential synergies with our existing oil and gas business," the company said in a statement. Last year, Vedanta paid $8.7 billion deal to acquire a controlling stake in Cairn Energy's CNE.L India unit CAIL.NS, which operates oil fields in Rajasthan state.  Its petrol pumps sell more fuel than the industry average -- BPCL pumps sell 124 kilolitres per month as compared to the industry average of 116, according to the company website. 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