The Centre is planning certain protection to employees in share sale agreement of BPCL and Air India as it does not want them a free hand to shed excess workforce. The NaMo Govt will follow a two-stage bidding process for selling its holding both PSUs. First preliminary interest from potential bidders is invited, followed by they being given access of data room on the companies for due diligence.

In the second stage, price bids are invited. While in the case of Air India, EoI has been invited by March 17, an offer seeking the same for BPCL is likely to be floated in the next few days. As far as the concern that if bidders will get a free hand to right-size companies after the acquisition, there will be certain protection to employees and there will be other conditionalities and this will be listed out in the share purchase agreement.

The government is selling its per cent stake in Air India but wants effective control to stay with Indian nationals. In the case of BPCL, the government is selling its entire 53.29 per cent stake in the company.