According to IOC chairman M.S. Ramachandran, "Indian Oil will bid for BP's entire 70% stake in its Malaysian unit, which owns 272 retail outlets and has a 10% share of the country's retail fuel market. The company will also bid to buy BP's Singapore unit, which owns 30 retail outlets and has a 12% of the retail fuel market."
However, IOC's bid has to be cleared by the Indian government before it can go ahead.
BP had earlier announced that all bids will be conducted behind closed doors and IOC's bid is the only one that has gone public. While it cannot be confirmed at press time, it is believed that rival bids are expected from Malaysian companies Petronas and Sime Darby Bhd's Pro-Jet unit.
