Bharat Petroleum Corporation (BPCL) on Wednesday said its board of directors had approved the financial plan and capital expenditure for laying the piped gas network, and building and operating of eight city gas distribution (CGD) projects for an estimated investment of Rs 35,355 crore.
According to the statement shared by BPCL with stock exchanges, the company is authorised to undertake the projects "under PNGRB (Petroleum and Natural Gas Regulatory Board) CGD Bid Round 11 and 11A with an estimated investment of Rs 35,355 crore in a phased manner".
The said projects would be subject to the requisite approvals of statutory authorities of government of India, the company said. Accordingly, the company said it was now developing CGD network in 25 geographical areas including the above CGDs, covering 62 districts in 14 states.
Bharat Petroleum Corporation Limited (BPCL) is an Indian central public sector undertaking under the ownership of ministry of petroleum and natural gas.
It operates three refineries in Bina, Kochi and Mumbai.BPCL is India's second-largest government-owned downstream oil producer, whose operations are overseen by the ministry of petroleum and natural gas. It was ranked 309th on the 2020 Fortune list of the world's biggest public sector undertakings, and 792nd on Forbes's 2021 "Global 2000" list.
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