M&A

M&A

Adani in talks with Apollo Global, I Squared Capital to bid for BPCL: report

Business Line  

Gautam Adani is said to be in talks with two private equity firms for a potential partnership to enter the race to buy state-run oil refiner and marketing company Bharat Petroleum Corporation Ltd (BPCL). The group is said to be negotiating with Apollo Global Management Inc and I Squared Capital. The two private equity firms are separately doing due diligence for BPCL. The two bidders have been scouting for partners to share the risks given the huge deal size, estimated at USD 12-13 billion. Anil Agarwal-led Vedanta Ltd is the third contender for BPCL. The government has decided to privatise BPCL by selling its 52.98 % stake to a strategic buyer. BPCL runs refineries in Mumbai, Kochi and Bina (in Madhya Pradesh) and is India's No 2 oil marketing company and third largest by refining capacity.