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Vedanta, Apollo Global, and I Squared Capital have responded to the Centre’s decision to shed its controlling stake in Bharat Petroleum Corporation (BPCL).
Vedanta currently holds a controlling stake in Cairn Oil & Gas, India’s largest private sector crude oil producer, and maybe the keenest to diversify into the refining business. The acquisition would de-risk the group from crude oil price volatilities and also future proof it with a commanding interest in the petrochemical business. But Vedanta promoter Anil Agarwal might not have a cake walk as both Apollo Global and I Squared Capital already have their fingers sunk deep into India’s energy ecosystem. Of the two, Apollo Global is clearly the much larger fish with assets worth $433 billion under its management, significantly overshadowing I Squared Capital’s $13 billion assets under management (AUM).