BPCL Eyes Gail, Oil India For Merger

BPCL Eyes Gail, Oil India For Merger
Image Credit : The Hindu

Bharat Petroleum Corporation Limited (BPCL), India’s second largest state-owned oil marketer is mulling a merger with GAIL (India), India’s largest gas distributor, and Oil India, the country’s second largest explorer, to create an integrated energy giant after the Centre approved the merger of rival Hindustan Petroleum Corp. Ltd. (HPCL) with ONGC.

BPCL, which got Maharatna status on Tuesday, has written to the petroleum ministry about its ambitious plan and is waiting to hear back from the government. Confirming the development, BPCL Chairman D. Rajkumar said, “BPCL has also got aspirations and ambitions to get into some kind of integration. This integration will be planned in such a manner that will fulfil our ambition to be among the top 25 energy companies in the world. There are a number of options being evaluated but it’s very difficult for me to share with you as it needs to be approved by the government as we are going to buy the stakes from the government.” Read More…

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