BPCL plans to raise around $400 million to fund expansion

BPCL plans to raise around $400 million (Rs 1,980 crore) through external commercial borrowings (ECBs) for additional capital expenditure during this financial year.

The company plan to use the fund as working capital for expansion of the Mumbai refinery and expansion of gas business during this financial year. Apart from this, the company is not looking at raising any other foreign currency loans at the moment.

BPCL aims to invest around Rs 40,000 crore over the next five years for the expansion of its refineries at Kochi, setting up of a new petrochemical plant, laying the infrastructure for evacuation of refinery products and on its oil and gas exploration business.