Bharat Petroleum Corporation (BPCL) has received an approval to acquire PIL’s 26% equity in Petronet CCK (PCCKL) at a total cost of Rs 78.60 crore. On completion of this acquisition, holding of BPCL will go up to 99.96% in Petronet CCK. The board of director at its meeting held on April 11, 2016, has approved for the same.
Petronet CCK (PCCKL) is a subsidiary company promoted by BPCL and Petronet India (PIL). PCCKL owns and operates a petroleum product pipeline from Kochi to Karur in Tamil Nadu via Coimbatore for transportation of petroleum products. The present installed capacity of the pipeline is 3.3 Million Metric Tonnes per annum (MMTPA). BPCL has a stake of 73.96% in the equity capital of PCCKL. PIL has a stake of 26% and the balance is held by Financial Institutions (FIs).
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.
