Govt calls off BPCL privatisation process, will do 'comprehensive review'

Decision on restarting the process to be taken in due course post review

The Centre has called off the privatisation process of Bharat Petroleum Corporation (BPCL) for now after two of the three companies that had shown interest in acquiring the public sector undertaking (PSU) withdrew their bids.

Based on the decision of the Alternative Mechanism on strategic disinvestment, which comprises Finance Minister Nirmala Sitharaman, Roads and Highways Minister Nitin Gadkari, and the head of the ministry concerned (in this case Petroleum Minister Hardeep Singh Puri), the privatisation of BPCL and the expressions of interest received from the bidders stand cancelled, the Department of Investment and Public Asset Management (DIPAM) said in a statement.