RoydadNaft –  Bharat Petroleum Corporation Limited (BPCL) announced board approval for a joint venture (JV) agreement with Oil India Ltd to develop a city gas distribution project in Arunachal Pradesh, with discussions held on October 25, 2024.

Following the required approvals, BPCL and Oil India will each hold a 50% stake in the JV. The Arunachal Pradesh government may also receive up to a 10% share if interested, with BPCL and Oil India adjusting their equity equally.

The proposed JV company will have an authorized share capital of ₹125 crore, with 12.5 crore shares valued at ₹10 each. An initial issued, subscribed, and paid-up capital of ₹5 crore is set for the JV.

For the July-September quarter, BPCL posted a net profit of ₹2,397 crore, marking a 20.5% decline compared to the previous quarter. Revenue for the quarter reached ₹1.03 lakh crore, and down 9.1% from the June quarter. BPCL’s EBITDA was reported at ₹4,547 crore, reflecting a 19.5% decrease from the previous quarter. The EBITDA margin stood at 4.4%.