The government has withdrawn its offer to sell its entire 53 per cent stake in Bharat Petroleum Corporation (BPCL), as majority of bidders have expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market.
The government had planned to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation and invited Expressions of Interest (EoIs) from bidders in March 2020. At least three bids came in by November 2020. However, the privatisation was stalled after two bidders walked out over issues such as lack of clarity in fuel pricing, with just one bidder left in the fray.
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.
