Bharat Petroleum Corp Ltd (BPCL) and State-Owned Indian Oil Corp (IOC) may buy 26% stake each in Gas utility GAIL India Ltd by paying the government of India around INR 20000 crore each to become the integrated energy firms.

Following the budget announcement of creating integrated oil majors by Finance Minister Arun Jaitley’s in Feb 2017, BPCL and IOC had submitted proposal separately to buy the 54.89% stake in GAIL – India’s biggest Gas Marketing & Transportation Firm.

Sources said that BPCL and IOC can follow the same model & split the stake of government equally among themselves. BPCL & IOC both would get to appoint a single director each on GAIL board.