BPCL transfers gas biz to subsidiary Bharat Gas
State-run Bharat Petroleum Corporation Ltd today decided to transfer its gas business division to its subsidiary Bharat Gas Resources Limited.
"Board of Directors of our company at its meeting held today approved the proposal to transfer BPCL's Gas Division on a going concern basis to Bharat Gas Resources Limited being a wholly owned subsidiary of BPCL by way of slump sale," BPCL said in a regulatory filing.
BPCL expects to complete the transaction in the next 3-4 months.
It said the slump sale is being done "with a view to capture upcoming opportunities and to evolve as a prominent player in the natural gas market in the future".
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- Sudan protesters chant 'freedom' as police fire tear gas
- Lawyers in Sudan push for release of activists, security forces use tear gas to disperse them
- Rwanda Development Board, Gasmeth Energy sign $400m deal to extract methane gas
- Bolivia coach Villegas outlines World Cup target
- Tuch's shootout goal gives Vegas win at Tampa Bay