Why has Fitch sounded cautious about the BPCL divestment?

I understand that what Fitch has said is that the process could get delayed and may not happen in this fiscal. You must be aware that the government has planned to divest its entire holding of 52.98% in BPCL and this is an important part of its divestment target of Rs.175,000 crore for the current fiscal year. Rating agency, Fitch, has just raised doubts over whether the BPCL sale can go through in the current year due to practical constraints.

Fitch is of the view that the divestment process for BPCL is too complex and the remaining 6 months may not be enough. Secondly, the divestment announcement remains an event risk and that could impact prices, which the government would be cautious about. Above all, the recent fall in oil prices could also dent valuations of BPCL. Not to forget that the shift to greener energy sources is also raising a question mark over the divestment.