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I Squared Capital dropping out of race to buy Bharat Petroleum Corporation

12 Nov 2021 Evaluate

US private equity firm I Squared Capital is dropping out of the race to buy Bharat Petroleum Corporation (BPCL) owing to a complex deal structure and lack of financial backers for the transaction.

I Squared Capital through its Indian arm, Think Gas was among the three suitors that had evinced interest in buying the government's near 53 per cent shareholding in BPCL.

BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.

Peers
Company Name CMP
Reliance Industries 1186.10
Indian Oil Corpn. 130.70
Bharat PetroleumCorp 296.50
HPCL 343.10
MRPL 172.60
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