The Department of Investment and Public Asset Management (DIPAM) is in the process of hiring investment banker, legal adviser and asset valuer to execute the stake sale. The valuation report is expected to be submitted in 50 days. The companies are likely to bid for the government's 53.3% stake in state-run BPCL either on their own or as part of a consortium. The government plans to meet at least a third of its ₹ 1.05 trillion disinvestment target by selling its stake in BPCL. A core group of secretaries on divestment approved the privatization of BPCL on 30 September. Technical bids by potential advisers, legal advisers and valuers for the privatization move are scheduled to be opened on 4 November and presentations by the eligible bidders for acting as an adviser for the privatization of BPCL would be held within one week of that. Financial bids of the shortlisted bidders will be opened shortly.