Privatization of BPCL may not be over by FY21-end
The government’s plan to privatize Bharat Petroleum Corp. Ltd (BPCL) is unlikely to be completed by the end of the fiscal year because of the time required to get regulatory clearances for the transaction.
“It has to go to the Competition Commission of India, which will take some time. Since it is a listed company, the winner has to make an open offer, which will also take time. Regulatory requirements may delay the process even after receiving the financial bids. Everything is a well laid-out process, so nothing can be rushed through,” a finance ministry official said on condition of anonymity.
With little more than three months left for this fiscal year to end, it may be a tall task for the government to complete the stake sale that is crucial for it to meet the massive disinvestment target of ₹2.1 trillion set for the year to 31 March.
