Monday, June 21, 2021

BPCL and Air India selloffs gain pace as Covid second wave subsides

New Delhi: Contrary to fears that the selloffs of BPCL and Air India will be delayed till the next fiscal, the Centre now expects to complete the exercise in this fiscal as the second wave of the coronavirus subsides.

The financial bids will now be called in September against apprehensions the bids can only be called in the fourth quarter, officials said.

They said the Union cabinet would soon consider tweaking the foreign direct investment policy to allow 100 per cent ownership of a state-owned refinery by global players through the automatic route.

The draft share purchase agreement is expected to be finalised by late July-early August and the financial bids called around September.

Both the bidders of Air India and BPCL given virtual data room access and the government replying to their queries, officials expect the due diligence to get over in the next three months. They said the bidders are likely to begin site visits soon.

The Tata group and SpiceJet CEO Ajay Singh are the final two bidders for Air India. Both submitted expressions of interest (EoI) to the government in December 2020 and are expected to submit financial bids.

Meanwhile, Air India has announced the sale of its properties located across India.

21/06/21 R. Suryamurthy/Telegraph

To Read the News in full at Source, Click the Headline


Post a Comment