Sources said a fresh discussion on new terms and conditions for the divestment has not started yet. The oil ministry is skeptical about getting a good response in the current geopolitical situation, they said.
The government had in May withdrawn its offer to sell its entire 52.98 per cent stake in BPCL, saying that majority of bidders expressed their inability to participate in the privatisation process due to prevailing conditions in the global energy market.
The economic uncertainty created by successive Covid-19 waves is not over yet, sources said, adding that the oil ministry also feels that unseen control on retail prices may hit divestment prospects.
Apart from that many issues raised by investors in the previous discussions still are not addressed. They include issues related to cross holding and unbundling of assets still needs to be addressed
Oil ministry believes a new approach is needed for marketing and refining assets of BPCL, to get better valuation, sources told ET NOW.
On Wednesday, shares were trading at Rs 331.10, down 0.75 per cent.