After Vedanta's Anil Agarwal claims that the disinvestment is being reviewed, BPCL shares plunge by

In Monday's trading, BPCL shares fell as much as 5.4% to Rs 372.3 a share on the BSE after Vedanta's Anil Agarwal stated that the BPCL disinvestment process is being reviewed. Moneycontrol quoted Agarwal as saying, "It (divestment) won't happen. They have stated that they have retracted the offer and will return with a different approach. In general, they have stated that they will not proceed. In this format, no.

The question of whether the initiative has been abandoned in its current shape has not received an official response from the government. The development is a setback for BPCL, though; over the previous few years, institutional and retail investors had shown a lot of interest in the company in the hopes that the privatization of the state-owned refiner would result in a significant improvement in its capital allocation and financial position.

TV The timing of the government's divestiture may be a problem for BPCL, according to Narendran, President CII. He said that there might be a few bumps in the road, but he hoped the government will keep moving on the same path.

The central government originally intended to transfer all 53% of its ownership in BPCL to private investors in 2021–2022, however, due to delays, this goal was pushed back to 2022–2023. The interested purchasers were Vedanta Group, Apollo Global Management, and the heavily invested I Squared Capital private equity firm Think Gas.

The disinvestment process of oil marketing company Bharat Petroleum Corporation Ltd (BPCL) has recently entered the second stage, and numerous expressions of interest (EoI) have been received regarding its transition, according to recent testimony by Minister of State for Finance Bhagwat Karad in the Rajya Sabha.

Three expressions of interest (EoIs) have been received for the government's entire 52.98 percent ownership in BPCL, including one from the Vedanta Group, which is helmed by billionaire Anil Agarwal. Financial offers have not yet been requested.

The 52.98 percent share is worth around Rs 45,000 crore at the present market price. To sell BPCL, the government requested bidders to register their interest in March 2020. By November 2020, at least three bids had been received.

According to certain estimates from the previous year, the government was hoping to raise Rs 70,000 crore from the privatization of BPCL, with Vedanta and two other foreign investment funds among the front-runners.

The COVID-19 pandemic, which broke out in 2020 and caused national lockdowns in many major economies, was the process's first significant setback.

Shares of BPCL were trading at Rs 369.35, down 6.1 percent, at 12:53 PM on the National Stock Exchange. privatization

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