The Department of Investment and Public Asset Management (DIPAM) has appointed Deloitte Touche Tohmatsu Ltd as advisor for the strategic sale of Bharat Petroleum Corporation Ltd (BPCL), which will see government selling its direct stake of 53.29 per cent in the second largest oil refiner, sources said.

On Thursday, SBI capital, law firms Shardul Amarchand, Luthra & Luthra, J Sagar Associates and Deloitte made presentations before DIPAM Secretary and other senior officials.

The completion of the stake sale in BPCL by March 2020 is crucial to the government for mobilising more than Rs 65,000 crore, or $8.4 billion, and narrow the fiscal deficit.

The government has set a tough divestment target of Rs 1,05,000 crore for 2019-20. Some global petrochemical giants, including Saudi Aramco have expressed interest in the assets of BPCL and are expected to bid.

"The advisor will undertake tasks relating to all aspects of the proposed strategic disinvestment culminating into successful completion of the transaction during the current financial year 2019-20 and accordingly draw detailed realistic timeline for completing various activities involved in the transaction. In case of slippage in the timeline, the government may change the appointed Advisor," DIPAM had said.