The Indian government had approved disinvestment of its entire 53.3 percent stake in the state-owned fuel retail major BPCL to a strategic buyer. This is the country’s largest disinvestment plan of the Indian government. With falling tax revenues, India is looking for alternative revenue sources.
India’s big ticket plan to privatise major government fuel retailer BPCL has received a lacklustre response from investors at a global roadshow meant to draw investors’ interest. At the company’s current valuation, the stake of Indian government in BPCL is currently worth $7.74 billion.
The roadshow was organised by the Department of Investment and Public Asset Management under the Ministry of Finance in Houston, Texas and London a week ago, according to sources aware of the development. Read More