By: ICN Bureau
Last updated : March 25, 2021 10:11 am
The Board of Directors of Bharat Petroleum Corporation Limited (BPCL) has considered and approved the Scheme of Amalgamation of Bharat Gas Resources Limited (BGRL) with the company and their respective shareholders.
The Board of Directors of Bharat Petroleum Corporation Limited (BPCL) has considered and approved the Scheme of Amalgamation of Bharat Gas Resources Limited (BGRL) with the company and their respective shareholders.
The Board's approval to the scheme is subject to receipt of necessary approvals from the Ministry of Corporate Affairs, other competent authorities and satisfaction of applicable regulatory requirements, as may be required.
Bharat Gas Resources Limited has total assets of Rs. 382.89 crore and net worth of Rs. 299.74 crore. As on March 31, 2020, the total turnover of the company is Rs. 273.35 crore.
BGRL is a wholly owned subsidiary of the company, which is proposed to be amalgamated with BPCL through a Scheme of Amalgamation, requirement of arm's length criteria is not applicable.
The company is primarily engaged in the business refining of crude oil and marketing of petroleum products including inter-alia natural gas and BGRL is primarily engaged in the business of natural gas.