The government is likely to invite preliminary bids for stake sale in national carrier Air India and BPCLNSE -0.44 % next month, according to sources. The airline is sitting on a debt pile of around Rs 58,000 crore, besides huge accumulated losses running into thousands of crores.
“Expression of Interest (EoI) inviting bids for stake sell in BPCL and Air India expected next month,” the sources said.
They, however, added that stake sale in big assets like BPCL will take time as due diligence has to be carried out.
Last month, the Cabinet had approved a strategic divestment of the government’s 53.29 per cent stake in BPCL, along with transfer of certain management control.
This is excluding BPCL’s equity shareholding of 61 per cent stake in Numaligarh Refinery.
