Finance Ministry approves 2 pct ESOPs for BPCL employees

In the last meeting of core group of secretaries on disinvestment (CGD), the decisions related to bidding by special purpose vehicle or consortium were taken. As per sources, the foreign investors had asked whether they can bid by SPV or consortium.

According to sources in the know, the finance ministry has approved 2% ESOPs for the employees of BPCL. Photo: Reuters

In a bid to conclude the strategic disinvestment of Bharat Petroleum Corporation of India Ltd or BPCL successfully, the alternative mechanism set up for the strategic disinvestment of the oil major met Wednesday to settle the issues of employees and discuss about their welfare. According to sources in the know, the finance ministry has approved 2% ESOPs for the employees of BPCL.

The alternative mechanism meeting happened through circulation of file initiated by the department of investment and public asset management (DIPAM). Ministry of Finance has given its go-ahead on the decision of 2% ESOPs. After the approval by alternative mechanism, it will be taken up in the annual general meeting of BPCL. Date of AGM has yet not been decided and a 20 day- notice needs to be sent before the meeting, according to sources.

In the last meeting of core group of secretaries on disinvestment (CGD), the decisions related to bidding by special purpose vehicle or consortium were taken. As per sources, the foreign investors had asked whether they can bid by SPV or consortium. The other procedural and technical issues related to expression of interest or EoI were also discussed. It is to be noted that the government had extended the bidding deadline for BPCL till Sep 30.

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The government has set an ambitious disinvestment target of Rs 2.1 trillion for current fiscal but five months into this financial year, it has yet not been able to complete a single disinvestment due to Covid 19 pandemic. But the government is hopeful to complete BPCL strategic disinvestment in FY 21 and it is getting good response from the investors (domestic as well as foreign investors).

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