MUMBAI: State-run Bharat Petroleum Corporation Ltd (BPCL) will cut its capital expenditure for this next fiscal by 36% or ₹4,500 crore. "We have categorised our projects into minor and major projects.
Any project which has an investment of less than ₹150 crore is minor project and put on hold," said Vijayagopal N, director finance at BPCL.
He said this was a conscious decision as the board does not want to burden the company in current difficult times with a huge capex impacting borrowing and debt equity ratio. "It will however not have any major impact on our company's future," added Vijayagopal.
BPCL on Wednesday reported a consolidated net loss of ₹1,819.6 crore for the quarter ended March, largely because of inventory loss and a fall