According to an official, the government has terminated the BPCL divestiture process because just one bidder remained after the two others withdrew out due to their inability to secure cash for the acquisition.

The official stated, “The administration has formally withdrawn the BPCL NSE -1.31 percent plan.”

“Initially, there were three bidders. However, there was just one bidder – Vedanta. The other two were unable to secure funds after conducting due diligence.”