HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk



Home > Business > PTI > Report

Govt invites bids for 34% stake in HPCL

February 07, 2003 20:06 IST

Kicking off the divestment process in the two public sector oil companies, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, the government, on Friday, invited initial bids for sale of 34 per cent stake in oil marketing major HPCL.

The invitation of expression of interest for privatising HPCL by selling government equity to a strategic partner along with management control came a day after the Delhi high court dismissed as withdrawn a petition challenging the decision to divest stake in the two oil PSUs.

The invitation of EoI precedes the presentation by merchant bankers, aspiring to be appointed as HPCL advisors, which is scheduled to start on February 17.

The proposed move is likely to put divestment of HPCL on fast track, with top officials pegging the timeframe at 6-8 months.

SBI Caps, ICICI, J M Morgan, Merill Lynch are among those who are believed to have submitted bids to become HPCL's advisors.

The Cabinet Committee on Divestment, in its meeting on January 26, decided to divest 34 per cent equity in HPCL to a strategic partner and sale 35 per cent equity in Bharat Petroleum Corporation through a public offer, while earmarking five per cent stake for the employees.

Government's stake in HPCL would be reduced to 12 per cent.
© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.



Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


The Divestment Development

HPCL staff threaten stoppage

CCD to discuss oil PSUs on Jan 26

HPCL gets ticking



People Who Read This Also Read


Govt sees GDP growth at 4% in 02-03

Khatau, Mafatlal big PF defaulters

Selloff ministry may not set target







HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.