BPCL plans equity infusion in JV

India’s Bharat Petroleum Corporation Ltd. plans to bring Rs1,000 crores (US$227.55 million) equity into the joint venture company, Bharat Oman Refineries, which is implementing the 6-million ton refinery project in Bina, Madhya Pradesh. The equity investment would be a precursor to a Rs1,000 crores (US$227.55 million) IPO that the company plans to float to partly finance the Bina refinery. The project is estimated to cost Rs10,300 crores (US$2.34 billion). (January 20, 2007)