Govt sale of 52.98 per cent stake in BPCL likely to be delayed by two years

The strategic sale of the government’s 52.98 per cent stake in state-owned refiner BPCL is likely to be delayed close to two years, complicating the Centre’s ability to raise Rs 2.10 lakh crore from the centrepiece of its disinvestment plan this fiscal.

The deadline for the submission of bids for the oil refiner and retailer, which has been extended three times till now, ends on September 30.

For the sale, only the third step of a 25-step process has been completed so far and it could take as long as another 21 months for the disinvestment to be completed, although some of the stages could be carried out concurrently. Potential buyers still need to obtain security clearance, conduct valuation assessments and agree to the financial terms.