November 25, 2021 | BPCL Selloff Fans Adani’s Ambitions: The privatization of the second largest oil marketing company, Bharat petroleum Corporation Ltd (BPCL), is sought to be achieved during the current financial year which ends on March 31,2022. The task is not all that easy. Of the two foreign equity companies which entered the race of BPCL, one has already exited. According to market circles, privatization of BPCL, as is being planned by the government, can be accomplished only if the Adanis enter the picture. Billionaire Gautam Adani has not so far evinced any interest in BPCL. But he is keen to enter petrochemicals and refinery and has also registered a fuel retailing company along with Total of France. All these can be achieved by acquiring BPCL. Gautam Adani does not have to do it directly. The foreign equity company, Apollo Global, which is negotiating with the government will do the job. In fact, it would not have entered the race for BPCL without negotiating with the potential buyers. Equity institutions do not run oil companies. Aramco has been consistently interested in the petroleum retailing market in India. Though there is no direct evidence, sources say Apollo Global could be fronting for Aramco as well. In the swiftly shifting market conditions in India, the possibility of Aramco picking up Adanis as a partner cannot be ruled out. Click Free Access column Petro Intelligence for an exciting report.