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Minister of state for finance Bhagwat Kishanrao Karad stated the pandemic, power transition points and geo-political situations affected a number of industries globally, significantly the oil and fuel trade.
“A majority of Certified Events have expressed incapability to proceed within the present strategy of disinvestment of BPCL,” Karad stated.
The federal government in Might formally withdrew its provide to promote its complete 52.98% stake in BPCL, saying majority of bidders have expressed their incapability to take part within the present privatisation course of because of prevailing situations within the world power market.
The privatisation was stalled after two out of three bidders walked out over points like lack of readability in gas pricing. Mining mogul Anil Agarwal’s Vedanta, US enterprise funds Apollo World Administration Inc and I Squared Capital Advisors had expressed curiosity.
