Privatisation of BPCL, which was dubbed India’s biggest ever, 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, a top source said.
The government had planned to sell its entire 52.98 per cent stake in Bharat Petroleum Corporation Ltd (BPCL) 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.
“We are in a single bidder situation and it doesn’t make sense that the single bidder dictates the narrative. So the disinvestment process is stalled for now,” the source, who wished not to be identified, said.
