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BUSINESS AND ECONOMY - October 2020

Oct 2020

Oct 01, 2020

Government Extends Deadline to Bid for BPCL Till November 16

  • The government has for the fourth time extended the deadline for bidding for privatisation of India's second-biggest oil refiner Bharat Petroleum Corp Ltd (BPCL) by one and a half month to November 16.
  • While the Cabinet, in November last year, had approved the sale of the government's entire 52.98 per cent stake in BPCL, offers seeking expression of interest (EoI) or bids showing interest in buying its stake were invited only on March 2020.
  • Initially, the EoI submission deadline was May 2, but it was first was extended up to June 13, then to July 31 and later to September 30.
  • The government is keen to close the sale before March 31, 2021, to help meet a record Rs. 2.1 lakh crore target which Finance Minister Nirmala Sitharaman has set from disinvestment proceeds in the Budget for 2020-21.
  • But with this extension, the sale being completed by March 2021 looks doubtful as after EoIs come in, the government will open a data center for interested bidders to conduct due diligence, only after which financial bids will be called.
  • The financial bids will have to be evaluated and approved by the Cabinet and the transaction will close once the payment is made.

General Atlantic Picks Up Stake in Reliance Retail

  • Global private equity firm General Atlantic will invest Rs. 3,675 crore to buy a 0.84% stake in Reliance Industries' retail arm, extending the fundraising spree by Mukesh Ambani-led firm.
  • This is the third private equity investment in Reliance Retail, following US-based private equity firm Silver Lake's Rs. 7,500 crore investment for a 1.75% stake and global private equity firm KKR's Rs. 5,550 crore investment for a 1.28% stake earlier this month.
  • This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs. 6,598.38 crore investment in Jio Platforms announced earlier this year.
  • Reliance Retail operates India's largest, fastest-growing and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart.

India Asks Bangladesh to Reduce Duty on Apparel Imports

  • India has asked Bangladesh to remove duties on its apparel imports and said that the two sides can together capture 35% of the global market for textiles in the next five years and replace China.
  • Textile minister Smriti Zubin Irani said that when we compare our share of imports in Bangladesh with China, China stands at 54% and India is at 17% given the high tariffs on Indian textiles and apparel export products. Indian industry can rejoice if Bangladesh allows retail of ethnic apparel from India at zero duties.
  • India is also actively looking at addressing logistics challenges at its borders to facilitate quicker turnaround times for both the industries in India and Bangladesh.
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