HPCL stake sale: govt seeks bids for bankers, legal firms

HPCL stake sale: govt seeks bids for bankers, legal firms

Kicking off the process for sale of the Hindustan Petroleum Corporation (HPCL) stake to the Oil and Natural Gas Corporation (ONGC), the government has invited bids for appointing merchant bankers and legal consultants for the Rs 28,000-crore deal.

The Department of Investment and Public Asset Management (DIPAM) has invited expression of interest from professional consulting firms and investment/merchant bankers for managing the disinvestment process.

It is seeking to appoint two advisors for the strategic sale, besides one reputed law firm with experience and expertise in mergers and acquisitions or takeovers or strategic disinvestment, to act as legal adviser, according to a notice.
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