The Vedanta Group is set to spend $ 12 billion to acquire India-owned refiner Bharat Petroleum Corporation, the country’s largest asset seller.
The Vedanta Group is set to spend $ 12 billion to acquire India-owned refiner Bharat Petroleum Corporation, the country’s largest asset seller, with delays in completion. The company has a market capitalization of approximately $ 11 billion to $ 12 billion, so this is the amount of investment they are looking at.”
India’s plan to privatize BPCL ended in bad weather. The country had hoped that global oil majors would join hands with investment funds to participate in the sale. But some bidders find it difficult to invest because of global sustainability laws, which make it difficult for them to make large investments in fossil fuels.
The potential sale to the country’s largest privatization is crucial for the government because it needs to increase revenue for its spending programs. BPCL, the country’s second-largest state-owned refiner, has already lost its September deadline to sell its 53% stake. The company has a current market capitalization of approximately $ 848.27 billion ($ 11.4 billion)
The commodity expects India to open bids for BPCL in March. In addition to the Vedanta Group, private equity firms like Apollo Global Management and Eye Squared Capital have also expressed their interest in acquiring a government stake in the refinery.
“We have the knowledge and the people and everyone will invest in the transaction,” Agarwal said, adding that his company has partnered with London -based Centricus Asset Management Ltd to build a $ 10 billion worth of asset purchases. The Indian government wants to exit, including its stake in the Shipping Corporation of India.
Here are some comments from Agarwal’s various businesses:
– Agarwal says he is confident that Vedanta will soon regain control of the copper unit in Zambia.
– The new government has publicly stated that we have legal rights. The court has issued a verdict. So, I think it’s a matter of time before we can get our property back.
– “We have invested $ 3 billion in Zambia and we need to invest another $ 2.5 billion to benefit the rest of the world.”
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