Single bid for BPCL wouldn't have helped fetch a better price: DIPAM Secy

Tuhin Pandey says LIC investors should be patient and look at the insurer's long-term prospects

Only one bidder vying for BPCL would not have helped in better price discovery, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey told Nikunj Ohri, while pointing out that the government would wait to assess the situation before proceeding further. In a conversation on wide-ranging issues, Pandey also said LIC investors should be patient and look at the insurer’s long-term prospects. Edited excerpts:

How would the new BPCL privatisation process be different?

Several uncertainties including the Covid-19 pandemic impacted the transaction. Energy transition, geopolitical tensions and several jurisdictions having decarbonising targets made it difficult for investors to invest