Govt to relook BPCL divestment plan post expansion

The government will relook at plans for the divestment of Bharat Petroleum Corporation Ltd (BPCL) post the completion of expansion plans at the company, a source aware of developments told reporters on Wednesday. The source, who did not wish to be quoted said, that the privatisation of BPCL had been stalled as there was only one interested bidder in the fray. The government had planned to sell its entire 52.98 per cent stake in BPCL and invited Expressions of interest (EoI) in March 2020 and received bids from Anil Agarwal’s Vedanta group and US venture funds Apollo Global Management Inc and I Squared Capital Advisors. The two venture funds subsequently withdrew their interest in the acquisition.