PSUs

BPCL divestment: Vedanta joins the race to buy govt assets

By IndianMandarins- 24 Jan 2022
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New Delhi (24.01.2022): Vedanta Resources Ltd's plan to set up a USD 10 billion fund to acquire state-owned firms has attracted interest from sovereign wealth funds and the corpus will be floated once the government invites price for firms such as BPCL or Shipping Corporation of India (SCI), Vedanta chairman Anil Agarwal said. Metals and mining magnate Anil Agarwal's group has expressed interest to acquire a government stake in Bharat Petroleum Corporation Ltd (BPCL) and SCI worth over USD 12 billion.

Agarwal had previously stated that Vedanta would team up with London-based firm Centricus to create a USD 10-billion fund that will invest in stake sale of public sector undertakings.

"As soon as the government starts coming out with a disinvestment program, in no time we can raise. Nobody wants to put in money and pay fees and other costs. All is ready and as soon as the government activates the bidding process, we will move forward. Money will not be a problem," he said.

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