The Hindu Business Line : Ministry to relook at BPCL, Kochi Refineries swap ratio

THE Petroleum Ministry has decided to take a fresh look at the swap ratio announced earlier to facilitate a merger between Bharat Petroleum and Kochi Refineries.

A letter from the Ministry to National Investors Foundation (NIF), the organisation trying to make a case for reviewing the swap ratio on behalf of minority stakeholders, has denoted the Government's latest stand on the issue.

The matter is under consideration of this Ministry, the letter (signed by Mr Pramod Nangia, Director) has pointed out in a reference to a move initiated by NIF regarding the BPCL-Kochi Refineries swap ratio, fixed at 9:4.

"With this, the Government has upheld our stand. NIF had earlier spelt out its opinion on the matter and this has been considered in a positive manner," said Mr Sudip Bandyopadhyay, a trustee of the foundation.

According to Mr S.K. Joshi, Director, Finance, BPCL, the process of merger that has been worked out is strictly in line with legal requirements.

"A certain standardised procedure has been pursued. We had engaged consultants such as Ernst & Young and ICICI for this. No differential treatment has been meted out to a particular set of investors," he told Business Line.

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