Bidding in oil PSEs - New norms likely

By Our Staff Reporter

KOLKATA, OCT. 2. The Centre is to bring in changes in the eligibility norm (for bidders) outlined in the `Vision 2025' oil policy, before calling for bids in IBP divestment. The changes are required to confirm the investment commitment of the prospective private promoter. The Centre has already announced its plan to bring down its stake in IBP to a strategic holding of 26 per cent.

Addressing a press conference here on Monday the chairman-cum- managing director, Mr. S. N. Mathur, said as per the present guidelines, the bidders were to submit a minimum of Rs. 2,000 crore investment plan without mentioning any particular timeframe to implement the same. ``A decision has to be taken before calling the bids, he said and added that the same was expected in the next `two weeks'.

Stating that the whole process of IBP disinvestment would be over by November or December, he said as a first step towards the same interested parties were allowed to run their own evaluation on the company for the last two months. ``A total of 12 interested parties, mostly related to oil sector, were allowed to run an evaluation exercise for one week each. Of the total, five were international companies, four were from Indian private sector including one appeared jointly with a foreign company and the rest three were PSEs." Three more companies though shown interest in the rounds before had dropped out of the fray.

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Section  : Business
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