By P.R. Venkat

The Indian government has received multiple bids from companies keen to acquire a stake in one of the country's largest oil marketing companies, Bharat Petroleum Corp.

"Strategic disinvesment of BPCL Progress: Now moves to the second stage after multiple expressions of interest have been received," India's Finance Minister Nirmala Sitharaman said in a tweet Monday, without disclosing the names of the bidders.

The government had in March invited bids for its 53% stake in BPCL, the country's second-largest oil retailer, as part of efforts to speed up the privatization process. It has a nearly 26% share of the market, with about 14,800 retail outlets.

BPCL, which is listed on the Bombay Stock Exchange, has a market capitalization of over $12 billion.

It is also a refining company with an installed refining capacity of 38.3 million metric tons a year and accounts for 15% of India's total refining capacity.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

11-16-20 2145ET