Privatisation of Bharat Petroleum Corporation (BPCL) has been stalled with just one bidder left in the fray after two others walked out over issues such as lack of clarity in fuel pricing.
The government had planned to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation and invited Expression of Interest from bidders in March 2020. At least three bids came in by November 2020 but only one remains now after the others withdrew from the race.
The privatisation of India's second-largest state oil refining and fuel marketing company had not attracted much interest first due to the volatile global oil price scenario and later due to a lack of clarity in domestic fuel pricing.
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.
