Kicking off the divestment process in the two public sector oil companies, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, the government, on Friday, invited initial bids for sale of 34 per cent stake in oil marketing major HPCL.

The invitation of expression of interest for privatising HPCL by selling government equity to a strategic partner along with management control came a day after the Delhi high court dismissed as withdrawn a petition challenging the decision to divest stake in the two oil PSUs.

The invitation of EoI precedes the presentation by merchant bankers, aspiring to be appointed as HPCL advisors, which is scheduled to start on February 17.

The proposed move is likely to put divestment of HPCL on fast track, with top officials pegging the timeframe at 6-8 months.

SBI Caps, ICICI, J M Morgan, Merill Lynch are among those who are believed to have submitted bids to become HPCL's advisors.

The Cabinet Committee on Divestment, in its meeting on January 26, decided to divest 34 per cent equity in HPCL to a strategic partner and sale 35 per cent equity in Bharat Petroleum Corporation through a public offer, while earmarking five per cent stake for the employees.