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Govt Calls Off Current EoI Process For BPCL's Strategic Divestment

It said that decision on the re-initiation of the strategic disinvestment process of BPCL will be taken in due course based on review of the situation

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The Department of Investment and Public Asset Management (DIPAM) on Thursday said that the central government had withdrawn its offer to sell its entire 53 per cent stake in state-owned refiner Bharat Petroleum Corporation Ltd (BPCL), citing bidders' inability to participate in the privatisation process.

It said that decision on the re-initiation of the strategic disinvestment process of BPCL would be taken in due course based on a review of the situation. 

"The total stake that may be offered to potential buyers too needs a rethinking in current conditions and easing of terms to help investors in forming a consortium," a DIPAM official said.

Reports last week had suggested that the government put the privatisation of BPCL on hold as it only got a single bid, the source, who did not want to be named, said.

Reuters reported that the government may now consider selling up to a quarter of BPCL after failing to attract suitors for the whole firm.



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BPCL disinvestment