As of now, the government is selling the stake in only BPCL. Indian Oil Corporation (IOC), the nation's largest, is the only other oil refining and marketing company under direct government control.
Hindustan Petroleum Corporation Ltd (HPCL) is now a subsidiary of state-owned Oil and Natural Gas Corporation (ONGC).
The government had in March 2008 raised the FDI limit in oil refineries promoted by public sector companies from 26 per cent to 49 per cent.
The firm acquiring the government's 52.98 per cent stake in BPCL will also have to make an open offer to buy an additional 26 per cent stake from other stakeholders at the same price, as per the takeover rules.
Mining-to-oil conglomerate Vedanta and US-based private equity firms Apollo Global and I Squared Capital's arm Think Gas are in the race to buy the government's stake in BPCL.
This story has been published from a wire agency feed without modifications to the text.
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