Covid-19 pandemic effect on the economy has left very little scope for the Narendra Modi government to further delay the privatisation of the PSUs like Bharat Petroleum Corporation Ltd (BPCL).
After four extensions, the government last week finally closed the first step in the process to privatise oil marketer Bharat Petroleum Corporation Limited also called the BPCL.
However the response to the bidding has been very discouraging as big players like Reliance, Total, Aramco or BP remained away from it. The government said it received ‘multiple’ expressions of interest (EOIs) without naming them, with mining major Vedanta confirming it was one.
The oil refining and marketing major, Bharat Petroleum Corporation Ltd (BPCL) is a revenue churner for the government rather than a drain on its finances.