TIL Desk/Business/New Delhi/ The government on Thursday withdrew its offer to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation Ltd, saying that 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 BPCL 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.
The department of investment and public asset management said the multiple Covid-19 waves and geopolitical conditions affected industries globally, particularly the oil and gas industry. “Owing to prevailing conditions in the global energy market, the majority of QIPs (qualified interested parties) have expressed their inability to continue in the current process of disinvestment of BPCL,” it said.
