Hindustan Petroleum Corporation Ltd (HPCL) has sought permission from the government to bid for 41.98 per cent equity of Tide Water Oil Company India Ltd (TWOL).
The corporation has written to the government asking for a committee of secretaries of the concerned ministries to be set up for the purpose, official sources said.
It is likely that the other state-owned oil major Bharat Petroleum Corporation Ltd (BPCL) may also ask for permission to bid. BPCL had evinced interest in TWOL in June last year, sources added.
The ministry of heavy industries, which is the administrative ministry for TWOL, has also finalised the share purchase agreement and shareholder
