BPCL: India to decide on re-initiating BPCL privatisation in ‘due course’, reports say

India’s government may in ‘due course’ decide on re-initiating the process to privatise Bharat Petroleum Corp, ET Now reported citing agencies, after lack of interest by companies led to New Delhi scrapping its plan to divest the state-run refiner earlier this year.

In May, the government had scrapped the BPCL divestment process as there was just one bidder left in the fray after the two others dropped out due to their inability to tie up funds for the acquisition, an official said. New Delhi had put up its entire 52.98 per cent stake in

for divestment.

The government has pegged the disinvestment target for this fiscal year that started April at ₹65,000 crore. The potential divestment of the marquee company will also help government narrow the fiscal deficit.

On Saturday, BPCL reported a loss of ₹6,148 crore for April-June quarter, on the back of a freeze on retail prices of petrol and diesel. During the first quarter of last fiscal year, it had reported a profit of ₹3,214 crore.