Bharat Petroleum Corporation (BPCL) share price gained 2 percent in the early trade on October 28 after the company is going to enter into joint venture agreement with Oil India.
At 09:24am, Bharat Petroleum Corporation was quoting at Rs 312.10, up Rs 6.15, or 2.01 percent, on the BSE.
The BPCl board at its meeting held on October 25, 2024 has approved entering into a joint venture agreement with Oil India for the purpose of developing city gas distribution (CGD) project in the state of Arunachal Pradesh.
The above joint venture agreement will be entered into in due course after the receipt of necessary approvals, BPCL said.
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Both the companies will hold 50-50 percent in the JV company, which will do supply, distribution and marketing of CNG/PNG/LNG and allied retail business.
The authorized share capital of proposed JVC shall be Rs 125 crore consisting of 125,00,0000 shares of Rs 10 each, with an option to enhance the same based on future investment opportunities.
The initial issued, subscribed, and paid-up capital of proposed JVC shall be Rs 5 crore.
In the said board meeting the company has decided not to pursue raising of capital
through rights issue.
Bharat Petroleum Corporation had reported a 72 percent year-on-year drop in consolidated net profit at Rs 2,297 crore for second quarter of financial year 2024-25. However, revenue from operations remained flat at Rs 1.18 lakh crore against Rs 1.17 lakh crore in the previous year.
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