The government has dropped the plans for disinvestment of Bharat Petroleum Corporation Limited (BPCL). BPCL can now focus on its long-term objectives without the immediate concern of privatization.
The government had planned to divest its entire 52.98 percent stake in BPCL, aiming to generate an estimated ₹45,000 crore in FY22. Expressions of Interest (EoI) or initial bids were invited in March 2020, with the goal of completing the sale by March 2021.
As reported by businessline, the process got stalled as only one bidder remained after the other two withdrew, citing difficulties in securing funds for the purchase.
