Reliance Industries said on Friday that it was considering to bid for the government's 34 per cent stake in public sector oil company Hindustan Petroleum Corporation Ltd.

"Let the Expressions of Interests come, we will go back to our board and take a decision," Mukesh Ambani, RIL chairman told reporters on the sidelines of a telecom meeting convened by Communications and IT Minister Arun Shourie.

The government has decided to offload 34 per cent stake in HPCL to a strategic partner, while offering five per cent to the employees of the corporation at concessional prices.    

Following the divestment, the government's current 51 per cent stake will be reduced to 12 per cent.

The initial bids for HPCL divestment were invited earlier this week and prospective bidders have been asked to submit their applications by March 17.

As per the pre-eligibility criteria, the bidders either singular or in a consortium would have to have net worth of at least Rs 2,500 crore (Rs 25 billion) to submit expression of interest for equity in HPCL.

Further, in the case of a consortium, net worth of only those partners would be taken into account who intend to have 10 per cent stake in the joint bid.