India has launched the privatisation process of Bharat Petroleum Corporation Limited (BPCL), the second largest oil refining and fuel retailing company in the country, with the publication of an invitation to bid. The government owns a 53% stake in the company. BPCL operates four refineries at Mumbai, Kochi (Kerala), Bina (Madhya Pradesh) and Numaligarh (Assam). Moreover, it operates around 15,000 service stations (23% of the total oil stations in India) and around 6,000 LPG distributors (25% of the total).
In October 2019, the government repealed the BPCL Nationalisation Act, paving the way for the privatisation. The company is currently valued at INR 1,020bn (US$14bn) and the sale of an interest in the company to a strategic partner (private company and/or foreign company) could help the government meet a part of its INR 1,050bn (US$15bn) divestment programme.