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BP, Total not to bid for BPCL; investors weigh inflexible locations, labour laws with market access

Supermajors BP Plc and Total of France may not bid for the acquisition of Bharat Petroleum Corp Ltd (BPCL) as foreign investors weigh inflexible locations of company’s oil refineries as well as tough labour laws against access to world’s fastest-growing fuel market.

Among the probables who could bid to buy government’s entire 52.98 per cent stake in India’s third-biggest oil refiner and second-largest fuel retailer at the close of bidding on Friday include Russian energy giant Rosneft or its affiliates, Saudi Arabian Oil Company (Saudi Aramco) and billionaire Mukesh Ambani’s oil-to-telecom conglomerate Reliance Industries Ltd (RIL), multiple sources said.

Source
financial express
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