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Oil firms' selloff calendar ready

Pradeep Puri in New Delhi

The divestment ministry has drawn up plans to complete the sell-off in Bharat Petroleum Corporation Ltd by March 10, 2003, and in Hindustan Petroleum Corporation Ltd by April 22, 2003.

According to the schedule circulated among members of the Cabinet Committee on Divestment for approval, the appointment of advisers for the BPCL and HPCL sell-offs will be completed by August 10.

Petroleum Minister Ram Naik, who is pressing for an initial public offer for BPCL before its divestment, has asked Divestment Minister Arun Shourie to put the schedule on hold till his ministry makes a presentation to Prime Minister Atal Bihari Vajpayee in this regard.

Naik is also planning to make a similar presentation to the members of the Cabinet Committee on Divestment before it takes a decision on the two public sector oil marketing companies.

However, undeterred by Naik's pleas, the divestment ministry is going full steam ahead with its plans to press for an early divestment. According to the schedule, the advertisements for bidders will appear by August 20, and the appointment of legal advisers and asset-valuers made by August 31. The last date for receipt of expressions of interest from the bidders has been set at October 10.

The bidders, according to the schedule, will be shortlisted by October 15 and bid packs given to the bidders by October 25. The data room and plant visits will be organised between November 1 and December 31.

Bids for BPCL will be received by March 1, 2003, and the core group on divestment and the Cabinet Committee on Divestment are expected to approve the bids by March 10, 2003.

As per the schedule, the bids for HPCL will be invited by March 15, 2003, and received by April 15, 2003. The bids will be approved by the core group on divestment and the Cabinet Committee on Divestment by April 22, 2003.

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