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Bharat Gas Resources Ltd (BGRL), a 100 per cent subsidiary of Bharat Petroleum Corporation Ltd (BPCL), has been amalgamated with the parent.
The order approving this amalgamation was issued by the Corporate Affairs Ministry on August 8, sources said. The scheme of amalgamation has become effective on August 16.
The main business of BGRL is gas sourcing and retailing. It had been set up to implement city gas distribution networks at different geographical areas and this exercise was pursued to streamline the corporate structure and consolidate the assets and liabilities of BGRL with BPCL.
The equity shares of BGRL are not listed in the stock exchanges. In terms of the scheme of amalgamation, the aggregate authorised share capital of BGRL as on date is combined with the authorised share capital of BOCL.
BGRL was incorporated in June 2018. During the year 2019-20, BGRL had completed the financial closure submission to PNGRB with respect to 13 geographical areas authorised to BGRL under round 9 and round 10 of the City Gas Distribution bidding.
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