Centre calls off EoI process for strategic divestment of BPCL

However, the multiple Covid-19 waves and geo-political conditions affected multiple industries globally, particularly oil and gas industry.

Centre calls off EoI process for strategic divestment of BPCL
Centre calls off EoI process for strategic divestment of BPCL/Reuters Image

New Delhi: The Government Today on May 26 has called off the inviting expression of interests (EOIs) for the strategic disinvestment of Bharat Petroleum Corporation Ltd (BPCL). The Department of Investment and Public Asset Management ("DIPAM") had issued a global invitation on 7th March 2020 for expression of interest in the strategic disinvestment of Bharat Petroleum Corporation Limited.

Due to the Covid-19 pandemic the EoI submission date had to be extended multiple times to address the constraints faced by the potential bidders. 

However, the multiple Covid-19 waves and geo-political conditions affected multiple industries globally, particularly oil and gas industry. Owing to prevailing conditions in the global energy market, the majority of QIPs have expressed their inability to continue in the current process of disinvestment of BPCL.

In view of this, the Government of India has decided to call off the present EoI process for strategic disinvestment of BPCL and the EoIs received from QIPs shall stand canceled.

A decision on the re-initiation of the strategic disinvestment process of BPCL will be taken in due course based on a review of the situation, mentioned.