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Buying jewel in the crown: BPCL a revenue churner, not a drain on finances

Unlike Air India, the winning bidder for BPCL can easily bank on this revenue churner to recover the cost of acquisition

bpcl, psu sale, disinvestment
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Even a week after the EoI deadline ended on November 16, all that North Block has to say is that it has received “multiple” offers for BPCL

Jyoti Mukul New Delhi
The crunch in tax revenues as a result of the pandemic has made privatisation an imperative rather than just a strategy for the Narendra Modi government. At the forefront of this move is Bharat Petroleum Corporation Ltd (BPCL) and Air India. Unlike the latter, the oil refining and marketing major is a revenue churner for the government rather than a drain on its finances. Nonetheless, the Union finance ministry’s silence around the submission of expressions of interest (EoIs) for BPCL casts doubts on whether the interested parties are good enough for handing over a public jewel.

Even a week after the

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First Published: Nov 24 2020 | 6:10 AM IST

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