News Release Details
BPCL to offer Rs 2,000cr IPO
New Delhi 21-Sep-2007
Bharat Petroleum Corporation Ltd (BPCL) group company, Bharat-Oman Refinery Ltd will offer an IPO of the size of Rs 2,000 cores in March 2008. BPCL and Oman Oil Company hold 50 per cent and two per cent stakes respectively in Bharat-Oman Refinery Ltd. While addressing the media in Mumbai after the company's annual general meeting,' BPCL chairman and managing director Mr Ashok Sinha said, "The funds raised through this proposed IPO will be utilized towards the implementation of a six million metric tones per annum capacity grass-root Bharat-Oman Refinery project at Bina in Madhya Pradesh. We intend to complete the construction of the Bina project by December 2009." "The cumulative commitments made on Bina project have crossed Rs 7,000 crores and the overall progress achieved by the end of August 2007 was 26 per cent. The project is expected to cost us Rs 10,380 cores, of which Rs 6,400 cores has been tied up with a consortium of 20 banks led by the State Bank of India," said Mr Sinha. BPCL director (finance) Mr S.K. Joshi said, "We have also planned to enhance the production capacity of our Kochi refinery by two in mtpa by December 2009. Our intention is to expand the BPCL group production capacity to 30 mmtpa."
New Delhi 21-Sep-2007
Bharat Petroleum Corporation Ltd (BPCL) group company, Bharat-Oman Refinery Ltd will offer an IPO of the size of Rs 2,000 cores in March 2008. BPCL and Oman Oil Company hold 50 per cent and two per cent stakes respectively in Bharat-Oman Refinery Ltd. While addressing the media in Mumbai after the company's annual general meeting,' BPCL chairman and managing director Mr Ashok Sinha said, "The funds raised through this proposed IPO will be utilized towards the implementation of a six million metric tones per annum capacity grass-root Bharat-Oman Refinery project at Bina in Madhya Pradesh. We intend to complete the construction of the Bina project by December 2009." "The cumulative commitments made on Bina project have crossed Rs 7,000 crores and the overall progress achieved by the end of August 2007 was 26 per cent. The project is expected to cost us Rs 10,380 cores, of which Rs 6,400 cores has been tied up with a consortium of 20 banks led by the State Bank of India," said Mr Sinha. BPCL director (finance) Mr S.K. Joshi said, "We have also planned to enhance the production capacity of our Kochi refinery by two in mtpa by December 2009. Our intention is to expand the BPCL group production capacity to 30 mmtpa."