Bid Controversy in Oil India Tender: Alleged Violation by Petronova Energy Raises Eyebrows

Tinsukia, Assam – October 7, 2025: A formal complaint has been lodged against Petronova Energy Pvt. Ltd. (PEPL), a participating bidder in a high-value Oil India Limited (OIL) tender, alleging a serious breach of essential tender conditions.

The complaint pertains to OIL’s Invitation for Bids (IFB) No. CDG8446P25, which calls for the Charter Hire of Three (03) Brand New 2000 HP Drilling Rig Packages equipped with Top Drive systems, for a tenure of six years. The tender is seen as strategically important for India’s upstream oil and gas sector.

According to the complainant, who remains unnamed, PEPL’s bid violates a core eligibility requirement related to the composition of Joint Ventures (JVs). Clause B.ii of the Bid Evaluation Criteria (BEC/BRC) specifically limits the number of JV members to a maximum of three entities.

However, a thorough investigation into PEPL’s filings with the Ministry of Corporate Affairs (MCA) appears to tell a different story. Based on data downloaded from the MCA database on August 14, 2025—after the bid closing date—it has been alleged that five distinct entities or individuals hold shares in PEPL, classifying them as JV members.

Detailed Breakdown of Alleged Irregularities:

1. Initial Incorporation: PEPL was incorporated by two individuals, Mr. Raghav Basant Agrawal and Mr. Basant Ramswaroop Agrawal, as evidenced in Form INC-20A, Form INC-33 (eMOA), and associated attachments submitted to the ROC, Gujarat.
2. Subsequent Share Allotments: Later filings under Form PAS-3 indicate the issuance of an additional 9,000 equity shares. The shareholding, post-allotment, is as follows:
   1. Winsto Corporation Pvt Ltd: 5,100 shares (51%)
   1. AKSU Drilling LLP: 2,600 shares (26%)
   1. GTC: 1,300 shares (13%)
   1. Mr. Raghav Basant Agrawal: 500 shares (5%)
   1. Mr. Basant Ramswaroop Agrawal: 500 shares (5%)

It is important to mention that the AKSU Drilling LLP is a company from kazakhstan.

3.This results in a five-member composition of PEPL, seemingly in direct violation of the tender condition restricting JV members to three.

The complaint asserts that the alleged breach was in effect on the date of bid submission, thereby making PEPL non-compliant with OIL’s tender stipulations. The supporting documents—including company registration forms, share allotment records, and verified filings—have been attached to the complaint as Annexures 1 through 7.

Potential Implications:

If found valid, the violation could lead to disqualification of PEPL from the bidding process. Furthermore, it may prompt OIL to review and scrutinize other participating bidders for similar compliance issues.

The case also underscores the increasing need for transparency and due diligence in large-scale government tenders, especially those involving critical energy infrastructure.

As of now, OIL has not released an official statement regarding the complaint.This development is likely to attract attention from both industry stakeholders and regulatory bodies, given the strategic and financial significance of the project.