Categories: Business

MCA accepts the merger of BPCL and Bharat Gas

Bharat Petroleum Corporation Ltd (BPCL) the 100% subsidiary, Bharat Gas Resources Ltd (BGRL), has merged with the parent company. The Corporate Affairs Ministry (MCA) issued the decree authorising this merger. On August 16, the merging plan went into force. According to the terms of the merger proposal, the authorised share capital of BOCL is combined with the authorised share capital of BGRL as of today.

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BPCL and Bharat Gas merge: Key Points

Bharat Gas Resources Ltd (BGRL)’s principal line of business is gas sourcing and selling. In order to simplify the corporate structure and combine the assets and liabilities of Bharat Gas Resources Ltd (BGRL) and BPCL, it was created to develop city gas distribution networks in various geographic locations.
There is no listing of Bharat Gas Resources Ltd (BGRL)’s equity shares on any stock exchanges.
The total authorised share capital of Bharat Gas Resources Ltd (BGRL) as of today is amalgamated with the authorised share capital of BPCL per the conditions of the merger plan of BPCL and Bharat Gas Resources Ltd (BGRL).
Bharat Gas Resources Ltd (BGRL) is incorporated in June 2018. The financial closing submission to PNGRB for the 13 geographic areas authorised to Bharat Gas Resources Ltd (BGRL)during rounds 9 and 10 of the City Gas Distribution auction was completed by BGRL during the 2019–20 fiscal year.