Explained: Why Bharat Petroleum Corp divestment is on the slow track

Delays in due diligence, policy opacity and now the Ukraine crisis have brought the process to a near-standstill

In December 2019, the India arm of Deloitte Touche Toh­matsu surprised many with its ultra-competitive bid to become the transaction advisor for the country’s largest strategic disinvestment in Bharat Petroleum Corporation (BPCL). The multinational major quoted just Rs 1; the second-highest bidder, SBI Caps, reportedly quoted Rs 15-17 crore.
 
For Deloitte, the motivation was to bag a prestigious deal adding a national energy company to its portfolio. No doubt, it expected BPCL to go to a marquee buyer in quick time. But 27 months later, in March 2022, the much hyped deal was stuck. Procedural snags slowed the process