(ET)
Bharat Petroleum Corp (BPCL), India’s second largest fuel retailer, informed Bombay Stock Exchange (BSE) its board has approved the draft scheme for amalgamation of Petronet CCK Limited (PCCKL), a wholly owned subsidiary for integrated operations and better control. PCCKL is engaged in transport of petroleum products through a dedicated 292 Kilometer multiproduct pipeline constructed primarily for evacuation of petroleum products from Kochi refinery in Kerala. “We would like to inform you that the Board of Directors of BPCL at its meeting held on 12th September 2017, approved the draft Scheme for the amalgamation of Petronet CKK Limited, a wholly owned subsidiary of the Company with the Company (Scheme),” the firm said in a BSE filing.
The company added the capacity utilization of the pipeline operated by PCCKL has been on a rise on the back of commissioning of additional units at Kochi refinery and has been given permission by downstream regulator Petroleum and Natural Gas Regulatory Board (PNGRB) to extend the pipeline from Coimbatore to Bangalore.
