BPCL to float subsidiary for E

Mumbai, Apr 26 (UNI) State-owned Bharat Petroleum Corporation (BPCL) has decided to set up a wholly-owned subsidiary for its exploration and production (E&P) business with an authorised capital of Rs 500 crore.

Announcing this, the company's website said the initial issued and paid-up capital would be Rs 200 crore and consist of the existing E&P assets held by BPCL, that will be transferred to the subsidiary.

It also plans to bid for E&P projects either on its own or through strategic partnerships and has estimated investments of around US dollar one billion in E&P assets over the next 6 to 7 years.

The company hopes that the E&P business would generate profits anywhere between Rs 50 crore and Rs 500 crore during the next 10 years, starting from 2009.

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