BHARAT PETROLEUM CORPORATION LTD. - Bharat Petroleum Corporation Ltd reply to clarification sought by the exchange

The Exchange has sought clarification from Bharat Petroleum Corporation Ltd with respect to news article appearing in Business Standard on December 26, 2014 titled "SBI to raise Rs.4000 cr for BPCL's petrochemical plan"<BR> <BR>Bharat Petroleum Corporation Ltd replied stating "The earlier disclosure dated 3rd December 2014 contains estimated capital cost of the project.<BR><BR>The board of directors of BPCL had given their approval for diversification into petrochemicals at an estimated capital cost of Rs. 4,588 crore. This was intimated to the Stock Exchanges on December 3, 2014. BPCL is in the process of evaluating the options for funding the said project with a combination of internal accruals and debt. As of now, no final decision has been taken in this regard."