BPCL Disinvestment: With lone bidder left, government withdraws stake sale plan

BPCL Disinvestment: India has withdrawn its divestment plan of state-run refiner Bharat Petroleum Corporation Limited (BPCL), Zee Business has learnt through its top sources. The government is expected to bring a fresh divestment plan. The plan has been withdrawan by the government because the company has received only one bid.

The government will bring a fresh plan after completing its ongoing plans related to Bina Petrochemicals and green energy initiatives, the sources revealed. Once the ongoing plans are completed, the valuation of the company will likely increase and then the government would bring a new divestment plan with higher value.

The government expects a higher participation from investors when the new plan is unveiled.  

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Shares of BPCL ended at Rs 331.40 on the NSE and were down nearly 3 per cent from the Tuesday closing price.