Geopolitical events, Covid hurt appetite for BPCL – Times of India

NEW DELHI: The division of funding and public asset administration (Dipam) had invited bids globally on March 7, 2020 for the privatisation of BPCL, however was compelled to increase the date for submitting the preliminary bids a number of occasions because of the affect of the pandemic as potential bidders confronted hurdles because of the lockdowns throughout the globe. Subsequently, it acquired a number of bids and certified events had initiated the due diligence on the corporate.
“Nevertheless, the a number of Covid waves and geopolitical situations affected a number of industries globally, significantly the oil and gasoline trade. Owing to prevailing situations within the international power market, nearly all of certified events (QIPs) have expressed their incapacity to proceed within the present means of disinvestment of BPCL,” a Dipam assertion mentioned.
The assertion mentioned the Centre has determined to name off the current EoI course of for strategic disinvestment of BPCL and the EoIs acquired from QIPs shall stand cancelled. “Determination on the re-initiation of the strategic disinvestment means of BPCL can be taken in the end primarily based on assessment of the state of affairs,” in keeping with the assertion.
With the transition to photo voltaic power and different renewables being quick tracked by a number of nations, the urge for food for BPCL had been fading.

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