New Delhi, June 10: In a bid to speed up the disinvestment process in oil PSUs, the government is understood to have decided to circulate draft transaction documents for Hindustan Petroleum Corporation Ltd amongst prospective buyers in July. Sources associated with disinvestment process of oil PSUs are hopeful that “government will give the initial draft for shareholders and share purchase agreements to the shortlisted bidders sometime next month".

The draft shareholders agreement would be preceded by a ‘confidential information memorandum’ for the prospective buyers. Sources informed that it is likely to be ready by the end of this month or by mid next month.
The disinvestment of HPCL had generated substantial interest when the Centre invited Expressions of Interest (EoIs) earlier this year. Seven companies including global majors like Royal Dutch/Shell, BP Amoco, Kuwait Petroleum Corporation, Saudi Aramco and Chevron Texaco are in the fray for HPCL.
Indian companies which submitted initial bids for management control of HPCL included Reliance Industries and Essar Group. Bureau Report