New Delhi, Feb 14: Reliance said today it is considering bidding to acquire government's 34 per cent stake in oil PSU Hindustan Petroleum Corporation Ltd (HPCL). "Of course we are considering bidding for HPCL," Mukesh Ambani, Chairman of Reliance Group, told reporters on the sidelines of a telecom meeting convened by Communications and IT Minister Arun Shourie. "Let the Expressions of Interests (EoI) come, we will go back to our board and take a decision," Ambani said. Government has decided to offload 34 per cent stake in HPCL to a strategic partner, while offering five per cent stake to employees of the corporation at concessional prices.

Following disinvestment government's current 51 per cent stake will be reduced to 12 per cent. The initial bids for HPCL disinvestment were invited earlier this week and prospective bidders have been asked to submit their applications by March 17.

Bureau Report