The public authority on Thursday pulled out its proposition to sell its whole 53% stake in Bharat Petroleum Corporation Limited (BPCL). It said that a large portion of the bidders have communicated their powerlessness to take part in privatization because of the ongoing circumstance in the worldwide energy market.
Allow us to let you know that the public authority had wanted to sell its whole 52.98 percent stake in Bharat Petroleum Corporation Limited (BPCL). Aside from this, Expression of Interest (EoI) was proposed to the bidders in March 2020. There were no less than three offers till November 2020. Be that as it may, it was slowed down because of issues like absence of clearness in fuel evaluating of two bidders, leaving just a single bidder in the conflict.
Govt withdraws offer to sell its entire 53 pc stake in BPCL, says majority of bidders expressed inability to participate in the privatisation
Govt withdraws offer to sell its entire 53 pc stake in BPCL, says majority of bidders expressed inability to participate in the privatisation
— Press Trust of India (@PTI_News) May 26, 2022
The Department of Investment and Public Asset Management (DIPAM) said that few COVID-19 and international circumstances have impacted businesses all around the world. The oil and gas industry specifically has been impacted.
DIPAM (Department of Investment and Public Asset Management) has communicated its failure to go on with the ongoing system of disinvestment of BPCL because of winning circumstances in the worldwide energy market and because of QIP (Qualified Institutional Placement). Considering this, the Group of Ministers on Disinvestment has chosen to cease the current Expression of Interest (EOI) process for key disinvestment of BPCL. A choice on restarting the essential disinvestment cycle of BPCL will be taken at a fitting time in view of a survey of the circumstance.
Mining tycoon Anil Agarwal's Vedanta Group and US adventure finances Apollo Global Management Inc and I Squared Capital Advisors had shown interest in purchasing the public authority's 53% stake in BPCL.
However, both the assets pulled out subsequent to neglecting to draw in worldwide financial backers in the midst of declining interest in petroleum derivative.
