The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has recently given its approval to enhance investment by Bharat Petroleum Corporation Limited (BPCL) in Bharat Oman Refineries Limited (BORL). The investment amount could be enhanced upto a maximum of INR.3000Cr by way of subscription of convertible warrants / other instruments giving right to convert it into equity shares to be issued by BORL, beyond DPE guidelines dated 05.08.2005.
The infusion of funds by the BPCLs will enable BORL to overcome the implications on account of the erosion of the net worth. Besides it will enhance the availability of petroleum products in the Northern and Central parts of the country, industrial development of Madhya Pradesh and substantial increase in employment and tax earnings in the State.