CCEA Approves BPCL’s Proposed Investment Of $ 1.6 Billion
CCEA approves BPCL’s proposed investment of $ 1.6 billion in Brazil, know what will be its benefit.
The CCEA chaired by PM Modi has approved an additional investment of $1.6 billion or Rs 12,000 crore by BPRL, a wholly owned subsidiary of Bharat Petroleum Corporation Limited (BPCL).
Explain that the company is going to make this investment to start the BM-SEAL-11 concession project in Brazil.
CCEA also approved increasing the limit of equity investment by BPCL in BPRL and the authorized share capital of the company from Rs 15,000 crore to Rs 20,000 crore.
Also, authorize an increase in the limit of equity given. Investment in International BV Brasil Petroleo Limitada by BPRL International BV through Intermediate WOS is an increase of Rs 15,000 crore.
CCEA approves BPCL’s proposed investment: Business avenues will open in neighboring Latin American countries.
Production in the BM-SEAL-11 project is expected to start from 2026-27. It will help in access to equity oil to strengthen India’s energy security and diversify India’s crude oil supply.
Indian oil companies have shown interest in getting more crude oil from Brazil.
It will also help India gain a foothold in Brazil, opening up trade avenues for neighboring Latin American countries. Bilateral relations between the countries will get further strengthened.
Brazil’s national oil company Petrobras.
BPRL has 40 percent Participating Interest (PI) in this concession. Also, Petrobras, the national oil company of Brazil, has a 60% partnership interest with the company as an operator.
BPRL has asked to explore and develop this project in Brazil since 2008.
FDI in FY22: India tops in foreign investment, manufacturing sector gets investment of $ 21 billion.
The Indian manufacturing sector has received a foreign investment of US $ 21 billion in the financial year 2022.
The commerce ministry on Thursday said the manufacturing sector has received a foreign direct investment of USD 21.34 billion in 2021-22, registering a year-on-year growth of 76 percent.
The ministry said that the government has implemented several reforms under the FDI (Foreign Direct Investment) policy regime in sectors such as insurance, defense, telecom, financial services, pharmaceuticals, retail trade and e-commerce.
