With just one bidder left, BPCL divestment scrapped, Auto News, ET Auto
The government has 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, said an official.
“The government has officially withdrawn the BPCL proposal,” the official said.
“There were three bidders initially. But effectively there was just one bidder – Vedanta. After due diligence, the other two could not tie up funding.”