Geopolitical events, Covid hurt appetite for BPCL

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NEW DELHI: The department of investment and public asset management (Dipam) had invited bids globally on March 7, 2020 for the privatisation of BPCL, but was forced to extend the date for submitting the initial bids multiple times due to the impact of the pandemic as potential bidders faced hurdles due to the lockdowns across the globe. Subsequently, it received multiple bids and qualified interested parties had initiated the due diligence on the company.
“However, the multiple Covid waves and geopolitical conditions affected multiple industries globally, particularly the oil and gas industry. Owing to prevailing conditions in the global energy market, the majority of qualified interested parties (QIPs) have expressed their inability to continue in the current process of disinvestment of BPCL,” a Dipam statement said.
The statement said the Centre has decided to call off the present EoI process for strategic disinvestment of BPCL and the EoIs received from QIPs shall stand cancelled. “Decision on the re-initiation of the strategic disinvestment process of BPCL will be taken in due course based on review of the situation,” according to the statement.
With the transition to solar energy and other renewables being fast tracked by several countries, the appetite for BPCL had been fading.

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