BPCL to merge BORL with itself
''The Board of Directors of the company (BPCL) at its meeting held on October 21, 2021, has considered and approved the Scheme of Amalgamation of Bharat Oman Refineries Ltd with the company,'' the firm said in a stock exchange filing.
The merger will provide ''cost optimisation in the purchase of crude oil for the refineries,'' BPCL said, adding it would also provide optimisation in production planning/product mix for the refineries.
More efficient space management, integrated asset management and de-duplication of processes wherever possible across refineries will be another benefit.
Also, the combined inventory management and availing of easier financial support for business will be possible, BPCL said.
''No consideration in form of cash or shares is proposed to be issued as consideration for amalgamation of BORL with BPCL,'' the filing said.
''On the Scheme becoming effective, (BORL) shall stand dissolved without winding up and the board and any committees thereof shall without any further act, instrument or deed be and stand discharged,'' it said, adding on and from the effective date, the name of BORL shall be struck off from the records of the concerned Registrar of Companies (RoC).
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