IndiaCatalog.com
India News
Search Web Directory
News Home
Bharat Gas gets five-year loan from Bank of Baroda for ₹3,100 crore
Posted on 23rd September 2019
Mumbai: Bharat Gas Resources Ltd (BGR) a wholly-owned subsidiary of Bharat Petroleum Corporation Ltd (BPCL), has signed a five-year loan agreement with Bank of Baroda for ₹3100 crore, according to two officials aware of the deal.

The company will use the loan to fund expansion of its city gas distribution business. BGRL has a board approved borrowing limit of ₹4000 crore.

"We have 11 geographical areas that we had won in the latest round of city gas distribution. For the first five years, we had to achieve financial closure for those areas and for that purpose we have already approved a long term loan of ₹3,100 crore from Bank of Baroda," said an official from BGRL on the condition of anonymity.

A BGRL spokesperson confirmed the development but declined to divulge the name of the bank. He, however, said the company will raise more funds for the geographical areas it won in the 10th city gas distribution bidding rounds and other projects.

BGRL had participated in the 9th and 10th round of CGD bidding by Petroleum and Natural Gas Regulatory Board, winning 13 geographical areas. The total investment in these CGD networks is expected to be around ₹11,750 crores.

In the first phase, BGRL has completed the detailed feasibility report as well as the financial closure process for 11 GAs won in 9th round and has tied up the said loan on project finance basis for the same.

BGRL, formed to take over the gas business undertaking of parent BPCL, sees huge growth in LNG demand in the country. The company has executed sales purchase agreement with Mozambique LNG1 Company Pte. Ltd (MozLNG), tying up 0.5 million metric tonnes per annum (MMTPA) in the year 2024-25 increasing to 1.0 MMTPA by 2028.

"This LNG will be a major source for BGRL on completion of existing contracts with Qatar LNG," BGRL said in its annual report.

To augment its gas handling capacity, BGRL is developing a port-based LNG Terminal facility including LNG regasification facility and is in advance stage of reaching an agreement with Krishnapatnam Port Company Limited (KPCL).

BGRL has also signed an agreement to participate in the equity of another regasification terminal being developed at Gopalpur in eastern India. This participation would be subject to the development of a detailed feasibility report for that port and BGRL finding the investment attractive.

Related Companies: Bharat Petroleum   Bank Of Baroda   

Other Latest News
Swiggy starts liquor home delivery in Bengal, says following safety norms
Posted on 4th June 2020
Food delivery platform Swiggy started on Thursday online processing and home delivery of alcohol in West Bengal after obtaining approvals from the state government.

The company is offering the service in Kolkata and Siliguri, days after first launching delivery in Jharkhand and Odisha.

Fugitive Vijay Mallya likely to be extradited to India from UK soon
Posted on 4th June 2020
In a huge diplomatic win for India, fugitive liquor baron Vijay Mallya is likely to be extradited from United Kingdome to India, reports have said.

The speculations come in the wake of the rejection of Mallya application by the High Court of Justice, London against his extradition to face trial in India. The plea was rejected last month and it vindicated the investigation by the Central Bureau of Investigation (CBI), as Mallya has raised various concerns regarding the admissibility of evidence and the fairness of the investigation, the tactics aimed at diverting attention from his own acts.

Jaish planning more vehicle-borne IED attacks in J&K: Intel
Posted on 4th June 2020
Days after the security forces in Jammu and Kashmir foiled a Pulwama style terrorist attack after intercepting a vehicle laden with explosives, intelligence sources have said that Jaish-e-Mohammad (JeM) terrorists are planning another Vehicle-Borne Improvised Explosive Device (VBIED) attack on security forces in Kashmir.

Following the inputs, security forces have been put on high alert.

Mahatma Gandhi's statue vandalised outside Indian embassy in US, probe underway
Posted on 4th June 2020
Mahatma Gandhi's statue outside the Indian Embassy in Washington DC was vandalised on Wednesday by a group of unidentified people involved in the protests against the murder of a black man George Floyd at the hands of a policeman at Minneapolis.

The United States Park Police has launched an investigation into the matter.

COVID-19 in India live updates: Highest spike in cases yet again, 9304 new reported on Wednesday
Posted on 4th June 2020
The number of coronavirus cases in India has marked significant and consecutive highest jumps over a major part of the last two weeks.

On Wednesday, the total number of confirmed cases of COVID-19 infection in India crossed the 2.07 lakh-mark, while the death toll breached the 5,800-mark as well. With this, India has now become the world's seventh worst-hit country in terms of coronavirus cases, according to the World Health Organisation's (WHO) COVID-19 tracker.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for Bharat Gas gets five-year loan from Bank of Baroda for ₹3,100 crore
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for Bharat Gas gets five-year loan from Bank of Baroda for ₹3,100 crore

Most Read News

NASA postpones launch of historic SpaceX mission minutes before blastoff citing thunderstorms

GDP growth in 2019-20 slows to 11-year low of 4.2%, Jan-Mar growth dips to 3.1%

COVID-19 tally in India crosses 1.73 lakh-mark, nearly 5,000 deaths; highest spike of 7,964 cases in 24 hours

Maharashtra to announce Covid-19 relief package soon: Deputy CM Ajit Pawar

Coronavirus Outbreak: In highest spike yet, India's COVID-19 tally crosses 1.90 lakh cases; 5,394 deaths

More India News

Photo Gallery

GMC Canyon(11 Images)GMC Canyon
The Jungle Book(12 Images)The Jungle Book
Pragya Jaiswal(11 Images) Pragya Jaiswal
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020 IndiaCatalog.com
    All Rights Reserved
Privacy Statement