Bharat Petroleum’s strategic disinvestment called off
The government has called off strategic disinvestment of Bharat Petroleum and the expressions of interest (EoIs) received in this connection shall stand cancelled. The plan to sell its entire 52.98% stake in the fuel retailer-cum-refiner had hit dead-end as potential investors have turned more sceptical of “the lack of pricing freedom” with state-owned fuel retailers, besides the global shift for greener energy. As per the officials, decision on the re-initiation of the strategic disinvestment process of BPCL will be taken in due course based on review of situation. 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. BPCL stake sale was a key component of the Centre’s Rs 65,000 crore disinvestment programme in FY23.
