Vedanta Group is willing to spend $12 billion to acquire Bharat Petroleum Corp. Vedanta chairman Anil Agarwal expects India to open the bids for BPCL in March.
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Besides Vedanta Group, Apollo Global Management and I Squared Capital have shown interest. “The market cap of the company is about $11 billion to $12 billion, so this is the amount of investment we’re looking at.”Anil Agarwal said. The country is expecting global oil majors to team up with investment funds to participate in the sale. Bidders are finding it difficult to invest due to global sustainability rules.
