BPCL sale: Bidders worried as financial bids ‘delayed’

The bidders for state-run oil marketer-cum-retailer BPCL are understood to be anxious about what they perceive as a lack of definite timelines for the company’s privatisation process, as they think any delay could impair their ability to arrange funds. Seeking anonymity due to the discreet nature of the deliberations, a person familiar with the matter said that, “big-ticket investors are waiting for clarity on the timelines of the auction process before making their final investment commitments”.

Any delay in invitation of the financial bids could also derail the government’s disinvestment target for FY22, as such “large deals involving big investments can take 4-5 months for completion,” the source pointed out.