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Bharat Petroleum to spend Rs 1.08 lakh cr in capex over 5 years
Posted on 13th September 2017
Bharat Petroleum, which has just been upgraded to a Maharatna company, today said it has lined up capital expenditure of Rs 1.08 trillion for the next five years.

The public sector oil retailer will spend the money on capacity expansion of refineries as well as marketing and upstream activities, its chairman and managing director D Rajkumar told reporters at a post-AGM press meet here late evening.

The chairman said the company will focus primarily on going global to further expand the business, especially in upstream activities.

On the performance of the company in the year gone-by, he said both marketing and refinery businesses did well, with the refinery capacity utilisation touching 112 per cent.

On the upstream front also it has done relatively well, he added.

From the upstream business, the first dividend from the Russian assets have already come, which is roughly $27 million in the first quarter, Rajkumar said.

On the benefits of Maharatna status, Rajkumar said it will help the company raise cheaper funds, apart from giving it financial freedom.

"For instance this will empower our board to sanction investments of up to Rs 5,000 crore in a single project, which is five-times more than when we were a Mini-ratna company," he said.

Related Companies: Bharat Petroleum   

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New Delhi: Regulator Sebi has lifted trading ban on 244 entities which came under the scanner for alleged misuse of stock market platform for tax evasion, saying it did not find any "adverse evidence" against them.

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New Delhi:The government has come out with an estimate that valid transitional credit claims of taxpayers in July -- the first month of goods and services tax (GST) -- are just Rs12,000 crore and not Rs65,000 crore as previously claimed.

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New Delhi: The Reserve Bank of India (RBI) on Friday changed the rules pertaining to the calculation of the foreign investment limit in so-called masala bonds, potentially opening up space for Indian companies to sell more such securities.

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Mumbai: Indian benchmark indices posted their biggest daily percentage decline in 10 months on Friday, as a North Korean threat to carry out a hydrogen bomb test in the Pacific Ocean rattled global markets.

The Indian government’s stimulus spending plan and jitters that it would widen the fiscal deficit also contributed to the decline, which was led by bank stocks.


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