The divestment ministry is likely to invite bids for advisors for the privatisatioin of Bharat Petroleum Corporation by the month-end, and the advisor is expected to be appointed by the second week of March.

The first meeting of the inter-ministerial group on divestment in BPCL where the government has decided to offload 35 per cent stake through public offering is understood to have deliberated on various items including the timeframe for appointment of global advisors.

The government, which currently holds 66 per cent stake in BPCL is in the process of divesting 35 per cent stake through public offering in domestic and international market, while five per cent equity would be offered to the employees of the corporation at concessional price.

Following the divestment, government holding in BPCL would be reduced to 26 per cent.