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.
