I Squared Capital drops out of BPCL race

e and lack of financial backers for the transaction, sources said.

I Squared Capital through its Indian arm, Think Gas was among the three suitors that had evinced interest in buying the government’s near 53 per cent shareholding in BPCL.

“The company has made a decision not to participate in the financial bidding,” a source with direct knowledge of the development said.

“The firm has not communicated the decision yet to the government or its transaction advisor but has decided not to go ahead,” the source added.