The government is likely to finalise by the third week of this month, the advisor for divestments of Bharat Petroleum Corporation Ltd for which over half a dozen merchant bankers are in the race.

According to sources involved in the divestment process, a meeting of Core Group of Secretaries on Divestment may be held sometime in the middle of this month for clearing the name of the advisor for BPCL divestments following which the matter would come up before Divestment Minister Arun Shourie for approval.

Sources, however, did not comment on reports of D S P Merill Lynch and UBS Warburg combine emerging as the front-runners for managing the proposed domestic and ADR issue of BPCL.

Keeping in line with its plans to offload 10 per cent of its 66.2 per cent stake in the company through a domestic offer and 25.20 per cent stake through American Depository Receipt, the government in March invited bids from merchant bankers with specific expertise in divestment through capital market offerings to act as global coordinator and advisor.

In addition, five per cent stake would be offered to the employees in the corporation at concessional rates.