Apollo Global, I Squared Capital rival Vedanta for buying stake in BPCL

Vedanta, Apollo Global, and I Squared Capital have responded to the Centre’s decision to shed its controlling stake in Bharat Petroleum Corporation (BPCL). 

Vedanta currently holds a controlling stake in Cairn Oil & Gas, India’s largest private sector crude oil producer, and maybe the keenest to diversify into the refining business.

The acquisition would de-risk the group from crude oil price volatilities and also future proof it with a commanding interest in the petrochemical business.

But Vedanta promoter Anil Agarwal might not have a cake walk as both Apollo Global and I Squared Capital already have their fingers sunk deep into India’s energy