Govt withdraws provide to promote its complete 53% stake in BPCL

The federal government on Thursday withdrew its provide to promote its complete 52.98 per cent stake in BPCL, saying that majority of bidders have expressed their lack of ability to take part within the present privatisation course of as a result of prevailing circumstances within the international vitality market.

The federal government had deliberate to promote its complete 52.98 per cent stake in Bharat Petroleum Company Ltd (BPCL) and invited Expressions of Curiosity (EoIs) from bidders in March 2020. No less than three bids got here in by November 2020.

Nonetheless, the privatisation was stalled after two bidders walked out over points resembling lack of readability in gasoline pricing, with only one bidder left within the fray.

The Division of Funding and Public Asset Administration (DIPAM) mentioned the a number of COVID-19 waves and geopolitical circumstances affected industries globally, notably the oil and fuel business.

“Owing to prevailing circumstances within the international vitality market, nearly all of QIPs (certified events) have expressed their lack of ability to proceed within the present means of disinvestment of BPCL,” it mentioned.

In view of this, the group of ministers on disinvestment has determined to name off the current EoI course of for the strategic disinvestment of BPCL and the EoIs obtained from QIPs shall stand cancelled, DIPAM mentioned.

“Resolution on the re-initiation of the strategic disinvestment means of BPCL can be taken in the end based mostly on overview of scenario,” it added.

Mining mogul Anil Agarwal’s Vedanta group and US enterprise funds Apollo International Administration Inc and I Squared Capital Advisors had expressed curiosity in shopping for the federal government’s 53 per cent stake in BPCL.

However the two funds withdrew after failing to rope in international traders amid waning curiosity in fossil fuels. The federal government had not invited monetary bids.

BPCL is India’s second-largest oil advertising firm after Indian Oil, and with refineries in Mumbai, Kochi, and Madhya Pradesh, it has the third-largest refining capability after Reliance and Indian Oil.

Indian Oil, BPCL and Hindustan Petroleum Company Ltd (HPCL) held costs for a document 137 days between November 2021 and March 2022 throughout meeting elections in 5 poll-bound states regardless of the rise in worldwide crude oil costs.

Bharat Petroleum Company Ltd (BPCL) on Wednesday reported a 82 per cent decline in web revenue within the quarter ended March 2022 because the agency held gasoline costs regardless of rise in price.

Internet revenue of Rs 2,131 crore was reported within the January-March interval as in contrast with Rs 11,940.13 crore, based on a regulatory submitting.

Income from operations rose 25 per cent to Rs 1.23 trillion on increased oil costs however losses on petrol, diesel and home LPG gross sales dented the financials.

(Solely the headline and movie of this report might have been reworked by the Enterprise Commonplace employees; the remainder of the content material is auto-generated from a syndicated feed.)

Pricey Reader,

Enterprise Commonplace has all the time strived laborious to supply up-to-date info and commentary on developments which are of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on the best way to enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these troublesome instances arising out of Covid-19, we proceed to stay dedicated to retaining you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.

We, nonetheless, have a request.

As we battle the financial impression of the pandemic, we want your assist much more, in order that we are able to proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from lots of you, who’ve subscribed to our on-line content material. Extra subscription to our on-line content material can solely assist us obtain the objectives of providing you even higher and extra related content material. We imagine in free, truthful and credible journalism. Your assist by extra subscriptions can assist us practise the journalism to which we’re dedicated.

Help high quality journalism and subscribe to Enterprise Commonplace.

Digital Editor

Keep linked with us on social media platform for instantaneous replace click on right here to hitch our  Twitter, & Fb

We at the moment are on Telegram. Click on right here to hitch our channel (@TechiUpdate) and keep up to date with the newest Expertise headlines.

For all the newest Enterprise Information Click on Right here 

 For the newest information and updates, observe us on Google Information

Learn unique article right here

Denial of accountability! NewsAzi is an computerized aggregator across the international media. All of the content material can be found free on Web. We’ve got simply organized it in a single platform for academic function solely. In every content material, the hyperlink to the first supply is specified. All emblems belong to their rightful homeowners, all supplies to their authors. In case you are the proprietor of the content material and don’t need us to publish your supplies on our web site, please contact us by e mail – [email protected]. The content material can be deleted inside 24 hours.