BPCL to borrow Rs 70,000 cr by 2024 to part-fund expansion
State-run oil refiner Bharat Petroleum Corporation Ltd (BPCL) will borrow as much as Rs 70,000 crore by 2024 to part-fund a Rs 1,10,000-crore expansion to bolster its refining and marketing infrastructure, raise petrochemical capacity, invest in upstream and gas ventures, the company’s finance director N Vijayagopal, has said.
Three-fourths of the borrowing will be in dollars and the balance is rupees, in line with BPCL’s policy of raising as much as 75 per cent of its requirements – short and long-term – in foreign currency, due to the attractive rates and the natural hedge it offers as the firm sells products that are essentially linked to dollar prices.
