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BPCL privatisation stalled as bidders walkout

The Hindu  

The privatisation of BPCL has been stalled with just one bidder left in the fray after two others walked out over issues such as lack of clarity in fuel pricing. The government had planned to sell its entire 52.98% stake in Bharat Petroleum Corporation Ltd (BPCL) and invited Expressions of Interest from bidders in March 2020. At least three bids came in by November 2020 but only one remains now after the others withdrew from the race. Mining mogul Anil Agarwal's Vedanta group and U.S. venture funds Apollo Global Management Inc. and I Squared Capital Advisors had expressed interest in buying the government's stake in BPCL. But the two funds withdrew after failing to rope in global investors amid waning interest in fossil fuels. The privatisation of state oil refining and fuel marketing company had not attracted much interest first due to the volatile global oil price scenario and later due to a lack of clarity in domestic fuel pricing.