Bharat Gas to merge with Bharat Petroleum
The board of directors of Bharat Petroleum Corporation Limited (BPCL) on Monday approved the merger Bharat Gas, subsidiary company of BPCL, with itself to streamline corporate structure. Bharat Gas is a 100% subsidiary of BPCL and its main business is gas sourcing and retailing.
“The board of directors of the company at its meeting today, ie March 22, 2021, has considered and approved the Scheme of Amalgamation of Bharat Gas Resources Ltd. with the company,” the firm said in a stock exchange filing.
The merger will streamline the corporate structure and consolidate the assets and liabilities of Bharat Gas within BPCL. Also, it will help in “availing easier financial support for the business” of BGRL and “more efficient utilisation of capital for enhanced development and growth of the consolidated business in one entity,” BPCL said.