Source explains only one bidder remained during the process
The government has put on hold the disinvestment of Bharat Petroleum Corporation (BPCL) as there was only a single bidder left in the fray for the State-owned refiner.
Additionally, the government intends to re-start the process once the expansion plans of the company — including that of the Bina refinery — are completed. The intention is to have 2-3 bidders.
There are people who are interested in entering India as it will be a critical driver of growth. The government will re-launch the process keeping in view these issues, a top source said.
“There was only one bidder left. Two other bidders withdrew earlier. We do not want a situation where there is just one bidder who can then impact the narrative,” the source explained.
In March 2020, the government had floated the bids for selling its stake in BPCL. Vedanta group, Apollo Global Management and I Squared Capital Advisors had expressed interest in acquiring its stake in the refiner.