India’s plan to privatize Bharat Petroleum Corp. has run into rough weather with bidders struggling to find partners and spread their financial risks, according to people familiar with the matter.
The three suitors -- the Vedanta group, Apollo Global Management and I Squared Capital -- are talking to global energy giants and sovereign and pension funds, but haven’t been able to finalize partners, the people said, asking not to be identified as the deliberations are private. Some bidders are finding it difficult to invest due to sustainability rules that make it tougher for them to buy a stake in an oil refiner, some of the people said.
The fresh hurdle to sell the government’s entire stake could temper some of the euphoria generated by the recent sale of Air India Ltd. to the Tata Group and slow down the nation’s biggest privatization drive. The sale of the state-run refiner-cum-fuel retailer would have fetched ab
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.