India will wait for more suitors to sell BPCL, official says
India will not rush into selling the country’s second-biggest state refiner if it ends up with a lone suitor, according to the top bureaucrat overseeing asset sales.
“We need competitive bids, we can’t do it with a single bid,” Tuhin Kanta Pandey, secretary in the Department of Investment and Public Asset Management, said in an interview on the sale of Bharat Petroleum Corp. “In the expressions of interest, we have listed the people, multiple people. They must come in.”
BPCL shares in Mumbai were trading down 0.3 per cent as of 2:12 p.m. local time, paring earlier losses of as much as 0.8 per cent.
