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Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Thursday said it has no intention to sell a part of its stake in Petronet LNG Ltd and Indraprastha Gas Ltd (IGL) to help its new owner avoid making an open offer for the two gas companies. BPCL holds 12.5 per cent of the shareholding in India s largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by the Department of Investment and Public Asset Management (DIPAM) - the department running the process for the sale of the government s entire 52.98 per cent stake in BPCL - the acquirer of BPCL will have to make open offers to the minority shareholders of Petronet and IGL for the acquisition of 26 per cent shares. ....
On 26 February 2021Petronet LNG has incorporated a wholly owned subsidiary, Petronet Energy on 26 February 2021. The newly incorporated wholly-owned subsidiary Company i.e Petronet Energy shall undertake the businesses/activities, including but not limited to Gassing up and/ or Cool down and supply of heel quantity to LNG vessels, LNG bunkering, Training, Consultancy, other value-added marine, transport, LNG services etc. as per the object clause of the Memorandum of Association of the Company. Powered by Capital Market - Live News (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.) Dear Reader, Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have ....
At meeting held on 04 FebruaryThe Board of Petronet LNG at its meeting held on 04 February 2021 has approved the proposal for incorporation of wholly owned subsidiary to undertake the business/ activities including but not limited to Gassing up and / or cool down and supply of heel to LNG vessels, LNG bunkering, training, consultancy, other value-added marine, transport, LNG services, etc. The registered office and the operational unit of the wholly-owned subsidiary company shall be kept at New Delhi and Puthuvypeen SEZ, Kochi respectively. Powered by Capital Market - Live News (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.) ....