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BPCL Is Off The Divestment Table, Says Hardeep Singh Puri

The latest announcement comes days after media reports surfaced of the government's plans to pay about Rs 20,000 to the state-run fuel retailers, such as Indian Oil Corp., to partly compensate them for losses and keep a check on cooking gas prices

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Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Thursday said the Bharat Petroleum Corporation Limited (BPCL) is off the divestment table as it cannot find adequate number of bidders for the process.

"We can't divest BPCL in a scenario where there was only one bidder for it. BPCL is doing well now, divestment is not on the table right now," Puri said.

The latest announcement comes days after media reports surfaced of the government's plans to pay about Rs 20,000 to the state-run fuel retailers, such as Indian Oil Corp., to partly compensate them for losses and keep a check on cooking gas prices.

The oil ministry has sought compensation of Rs 28,000 crore, but the finance ministry is agreeing to only about Rs 20,000 billion cash payout.


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hardeep singh puri bpcl BPCL disinvestment