BPCL gets permit to raise foreign holdings to 49%
The Dollar Business Bureau The Reserve Bank of India, in a new release, announced that foreign investors can raise their holdings in state-owned Bharat Petroleum Corporation Ltd up to 49%. In an effort to boost the purchase of equity shares by Registered Foreign Portfolios Investors and Foreign Institutional Investors, RBI scaled up the maximum investment to 49% of the paid up capital of BPCL under the Portfolio Investment Scheme, RBI said in its release on Thursday. The move came after a resolution was passed by the Board members. Besides the board members, the shareholders also passed a special resolution to enhance the limit for purchase of shares. The release further stated that the purchases of equity shares could be made via primary market or ...
HPCL imports LPG in emergency for nonstop supply
The Dollar Business Bureau Hindustan Petroleum Corporation Ltd (HPCL) has started the emergency import of liquefied petroleum gas (LPG) for uninterrupted supply to Karnataka state consumers. The LPG production of Mangalore Refinery and Petrochemicals Ltd (MRPL) has come down from 2,500 tonnes per day to 800 tonnes per day due to water crisis in the city of Mangalore. HPCL’s Mangalore LPG Import Facility (MLIF) used to supply over 5,000 tonnes of LPG from its network along with Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL). As Nethravati, the main river of Dakshina Kannada, has completely dried up, there is severe shortage of water in the state affecting the production of industries like HPCL. According to the officials of HPCL, however ...
Indian firms likely to invest $6 bn in Mozambique ONG sector
Sai Nikesh | The Dollar Business Indian oil companies are likely to make an investment of around $ 6 billion in Mozambique’s oil and gas exploration sector. A statement to this effect was made by Dharmendra Pradhan, Indian Minister of State (Independent Charge) for Petroleum and Natural Gas, on Monday, say the reports. The Minister was said to have informed that the State-run Oil & Natural Gas Corporation (ONGC), Oil India Limited (OIL) and Bharat Petroleum Corporation Limited (BPCL), will be investing around $ 6 billion for development of a giant gas field off the Mozambique coast, over the next four years. Besides the development of the gas field, the investments are also focused at converting the fuel into ...
