Divestment delayed, but petchem plans on the track: Bharat Petroleum

The government's plan is to sell its entire 52.98 per cent stake in BPCL with the transfer of management control to a strategic buyer

Amid allegations that uncertainty in the divestment process for almost two years has affected Bharat Petroleum Corporation’s (BPCL’s) investment plans, an executive of the state-run major said the delay has not hit the petrochemical expansion plans. The investments for expansion are around Rs 40,000 crore for Bina (Madhya Pradesh), Kochi and Mumbai refineries.

The government had cleared the strategic sale of BPCL way back in November 2019. Bids were invited in March 2020 and submitted in November 2020.

On Wednesday, the Vedanta Group had indicated that it is ready to spend around $12 billion to acquire the government’s stake in