MUMBAI : Bharat Petroleum Corp. Ltd (BPCL) has decided to slash capital expenditure for 2021-22 by 36%, or ₹4,500 crore. “We have categorized our projects into minor and major projects.
Any project having an investment of less than ₹150 crore, is a minor project, and has been put on hold," said Vijayagopal N., director, finance, BPCL.
This is a conscious decision as the board decided not to burden the company at this time with a huge capex, which would impact the borrowing levels and debt-equity ratio, he said. “It will, however, not have any major impact on the future of our company." BPCL on Wednesday plunged to consolidated loss of ₹1,819.6 crore for the quarter ended 31 March, on an inventory loss and lower gross refining margin.