Minister of Petroleum and Natural Gas Hardeep Singh Puri hopes to replicate the success of Air India divestment in the much delayed sale of the state run-oil marketing company Bharat Petroleum Corporation Ltd (BPCL), the minister said in an exclusive interview to CNBC-TV18.
The Indian government had ambitious plans to sell its entire 53% stake in BPCL to private players in 2021-22, but delays have moved this target to 2022-23. Potential buyers who showed interest– Anil Agarwal-led Vedanta Group, Apollo Global Management and private equity major I Squared Capital-backed Think Gas– are yet to find partners to finance the deal.
“BPCL is a first grade asset and it is looking better by the day. Give me a few months,” Puri said in a response to a question on divestment of the company.
Puri, who was formerly the minister of civil aviation, said that he was confident that like Air India, BPCL will be successfully divested.
“The EOI (expression of interest) coming now or later is not the issue; we will privatize BPCL. Let me assure you, it will be a transaction like Air India, which everyone will hail as a very good segment of our privatization program,” Puri said.
“I'm very proud of the fact that I had an association with that privatization process. It started after two failed attempts when I became civil aviation minister in 2019. And it was completed just a few weeks or a month after I handed over (the ministry). If it had not taken place, I would have happily taken the blame. But if it took (sic) place, I also want to rejoice in its success,” Puri said.
On January 27, the Tata Group completed the takeover of Air India, along with Air India Express and a stake in AI-SATS. The government had invited bids for a 100% stake in the national carrier in March 2020 and the Tata Group emerged as the winner in the bids in October 2021.
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