The planned sale, which could have potentially been the country’s biggest privatization, had attracted interest from three suitors — the Vedanta group, Apollo Global Management Inc. and I Squared Capital Advisors. While Vedanta’s billionaire founder Anil Agarwal was willing to spend about $12 billion for acquiring BPCL, the others backed out amid oil price volatility and uncertainty over local fuel pricing.
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Prime Minister Narendra Modi’s government had announced the sale in 2019 as it sought to raise record funds by offering majority stakes in state-owned companies to boost a slowing economy. India will not rush into selling BPCL if it ends up with a lone suitor, the nation’s top bureaucrat overseeing asset sales had said in February.
BPCL shares closed 3.1% lower in Mumbai.
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