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    BPCL   INE029A01011

BHARAT PETROLEUM CORPORATION LIMITED

(BPCL)
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Delayed NSE India Stock Exchange  -  05/27 07:26:46 am EDT
322.35 INR   -0.62%
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Vedanta to create $10 billion fund to bid for BPCL stake, other assets - chairman

01/20/2022 | 07:07am EDT
A man walks past the logo of Vedanta outside its headquarters in Mumbai

DUBAI (Reuters) - Mining firm Vedanta Resources Ltd plans to create a $10 billion fund to bid for assets including the Indian government's stake in Bharat Petroleum Corp Ltd (BPCL), its chairman told Reuters on Thursday.

The Indian government is seeking to privatise state-run refiner BPCL by selling its near 53% stake in the firm, worth just over $6 billion, to private entities.

"We are in the process of creating a fund of $10 billion," Anil Agarwal said in an interview in Dubai. "It will not only look at (BPCL) but there are other companies being privatised. It will look at the potential of those companies also."

The fund will be made up of its own resources and outside investment, Agarwal said, adding that it may also finance the BPCL acquisition through debt.

"We will work out a structure, we are doing the due diligence," he said. "As soon as the date comes, we will firm up and work out on how we take the money and go about it."

"There is no large fund which does not want to associate with us in general. Money will never be a problem," he added.

London-headquartered Vedanta Resources, founded by Agarwal in 2003, has grown its annual revenues from $1 million to over $15 billion in the past decade.

As well as its operations in India, the group has mining interests in South Africa and a precious metal refinery and copper rod plant in the United Arab Emirates' Fujairah Free Zone.

It is also exploring opportunities for new zinc, gold and magnesium mines in Saudi Arabia. Agarwal said $2 billion worth of investment will be required to tap opportunities in the kingdom.

"They (Saudi Arabia) are coming out in March with full details," he said. "They are inviting very serious, interested people to come and participate and look at joint ventures."

Agarwal also said the company aims to become zero-carbon by 2050, and will invest $5 billion in the medium term to reduce its carbon footprint.

(Reporting by Saeed Azhar; Editing by Jan Harvey)

By Saeed Azhar


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHARAT PETROLEUM CORPORATION LIMITED -0.62% 322.35 Delayed Quote.-16.37%
DOW JONES AFRICA TITANS 50 INDEX 0.46% 514.99 Real-time Quote.-4.00%
DOW JONES SOUTH AFRICA(ZAR) 1.33% 1971.57 Real-time Quote.-0.68%
GOLD -0.01% 1852.7 Delayed Quote.1.28%
S&P AFRICA 40 INDEX -0.01% 166.02 Real-time Quote.-5.16%
S&P GSCI GOLD INDEX 0.18% 1081.34 Real-time Quote.1.38%
SILVER 0.00% 22.1 Delayed Quote.-5.50%
VEDANTA LIMITED -1.66% 307.85 Delayed Quote.-9.77%
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Financials
Sales 2022 3 689 B 47 557 M 47 557 M
Net income 2022 101 B 1 301 M 1 301 M
Net Debt 2022 522 B 6 734 M 6 734 M
P/E ratio 2022 6,75x
Yield 2022 7,03%
Capitalization 699 B 9 014 M 9 014 M
EV / Sales 2022 0,33x
EV / Sales 2023 0,32x
Nbr of Employees 9 251
Free-Float 45,2%
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Number of Analysts 30
Last Close Price 322,35 INR
Average target price 451,17 INR
Spread / Average Target 40,0%
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Managers and Directors
Arun Kumar Singh Chairman & Managing Director
Ramakrishna Gupta Vetsa CFO, Finance Director, Director & Head-Treasury
P. Anilkumar Executive Director-Information Systems
Ravikumar V. Chief General Manager-Research & Development
Chacko M. Jose Chief General Manager-Kochi Refinery Operations
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