New Delhi, Aug 31 :    New Delhi, Aug 31:  The decision by a group of senior bureaucrats not to allow Indian Oil Corporation (IOC) to bid for the 25 per cent equity stake in Indian Petrochemicals Corporation Ltd (IPCL) is likely to trigger a political controversy. The decision, if accepted by the political leaders, may deprive the government of a fair value for the disinvested shares of IPCL. Indian Oil is sought to be disqualified on the technical ground that its offer of interest to bid came late. Being a public sector company, Indian Oil needed the board approval to make such an offer. If Indian Oil is kept out, there will be three bidders left in the race for IPCL stake?Reliance Industries Ltd (RIL), Dow Chem and Soros. Industry circles do not rule out the possibility of a couple of them, or at least one, backing out. Such a situation will be tantamount to handing over IPCL on a platter to the remaining bidder whoever that be. This can be embarrassing to the party in power which in turn may ask for rebidding thereby delaying the entire disinvestment process. The senior bureaucrats who met yesterday to finalise the disinvestment formalities do not seem to have considered such an eventuality. Industry circles acknowledge that Reliance is the most suitable bidder among the private companies. Indian Oil?s participation in IPCL selloff will ensure a better price for the shares which should be the government?s main consideration. IOC sees a perfect synergy in IPCL as it has been wanting to diversify into petrochemicals. IPCL is adjacent to its refinery in Gujarat and both could be merged into one unit at a later stage. Indian Oil has ambitions to become a multinational company. Its proposed diversification into upstream and downstream petrochemicals is part of this business strategy. At home, its market share is sought to be curtailed for fear of it emerging as a monopoly player. It was denied the refineries in Bhatinda and Sultanpur as a deliberate step to rein it in north India. The Nitish Sengupta Committee did not want CRL or IBP to be merged with Indian Oil on the ground that such a step would enhance the market share of IOC which is around 55 per cent at present. Indian Oil?s grievance is that the same yardstick is not being applied to other bidders. It is not known how far keen Reliance is in becoming the strategic partner of IPCL. It would certainly not like a multinational enter into the Indian market and challenge its position. Indian Oil is the marketing partner of Reliance Petroleum Ltd. Sources say it should not be difficult for Reliance and Indian Oil to co-exist as strategic partners in IPCL.