State-owned
BPCL board of directors have approved the scheme of amalgamation of Bharat Gas Resources with the company and their respective shareholdings.
BGRL is a wholly-owned subsidiary of BPCL which is proposed to be amalgamated with the Company through a Scheme of Amalgamation, requirement of arm's length criteria is not applicable.
Through the acquisition, BPCL plans to streamline the corporate structure and consolidation of assets and liabilities of Bharat Gas.
BGRL is primarily engaged in the business of natural gas.
At around 2.42 pm, BPCL was trading at Rs436.25 per piece down by 0.7% on Sensex.