India said on Wednesday it has extended the deadline for submitting initial bids to buy state-owned Bharat Petroleum Corp Ltd to November 16. ”In view of further requests received from the interested bidders and the prevailing situation arising out of COVID-19 pandemic, the last date for submission of EoIs (Expression of Interest) is further extended to 16th November,” the government said in a statement.

Reuters has cited sources saying India’s efforts to privatise refiner BPCL could spill over into the next fiscal year and global players such as Saudi Aramco and Russia’s Rosneft may not participate in the bid.

The privatisation of key companies, including BPCL, is a key part of government plans to pare the fiscal deficit, which has breached its target level just four months into the current fiscal year. Industry sources last year estimated the government’s 53.29 percent stake in BPCL could fetch USD 8 billion to USD 10 billion.

First Published:Sept 30, 2020 11:43 AM IST