India's BPCL to merge gas subsidiary with itself
Indian state-run fuel retailer and refiner Bharat Petroleum Corp (BPCL) has decided to merge its gas subsidiary, Bharat Gas, with itself, it said on March 22 in a stock exchange filing.
BPCL said that the merger will streamline its corporate structure and consolidate the assets and liabilities of Bharat Gas within the company. Bharat Gas is a 100% subsidiary of BPCL and its main business is gas sourcing and retailing.
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The company further stated that the merger will result in more efficient utilisation of capital for “enhanced development and growth of the consolidated business in one entity”.
"The amalgamation is in the interest of the shareholders, creditors and all other stakeholders of the companies and is not prejudicial to the interests of the concerned shareholders, creditors or the public at large," it said.
The government of India is in the process of selling its entire stake in BPCL. It expects to complete the exercise by March 2022.