India: Global headwinds to hit BPCL, Air India sale

Photo: Daniel Eledut

The outbreak of Covid-19 and the collapse in global crude oil price may have dealt a twin blow to the government’s plans to privatize Air India (AI) and Bharat Petroleum Corp. Ltd (BPCL).

The spread of the virus to more than 100 countries and leading to the death of more than 4,300 people has hit the travel and hospitality industry the hardest, with countries imposing both inward and outward travel bans. Brent crude was down almost 3% to $36 per barrel on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost production capacity.

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