The government has decided to cancel the current disinvestment process of state-run Bharat Petroleum Corporation Ltd (BPCL) because of a single bidder situation and the Union finance ministry will reinitiate the bidding process again at a later date, a top functionary said.
The department of investment and public asset management (Dipam) confirmed the decision, citing the decision by several of companies that had expressed to pull out due to the economic uncertainty created by successive Covid-19 waves and geopolitical tensions.
“In view of this… Government of India has decided to call off the present EoI (expression of interest) process for strategic disinvestment of BPCL and the EoIs received from QIPs (qualified interested parties) shall stand cancelled,” the statement said.
