BPCL acquires 19.97% stake in PetronetCCK

Bharat Petroleum Corporation Limited has acquired 19.97% stake from a financial institution which was an investor in Petronet CCK Limited (PCCKL).

Petronet CCK Limited was joinlty promoted by BPCL and Petronet India Limited and financial institutions. Post the acquisition PCCKL will become a subsidiary of BPCL with BPCL holding 68.97%. 

PCCKL owns and operates a petroleum product pipeline from Kochi to Karur in Tamil Nadu via Coimbatore for transportation of petroleum products. The present installed capacity of the pipeline is 3.3 million metric tonnes per annum. 

BPCL's scrip ended 1.16% up on the Bombay Stock Exchange.