Oil India-led consortium to bid for acquiring BPCL’s stake in Numaligarh Refinery
First Published: 19th February, 2021 16:07 IST
Oil India Ltd (OIL) in consortium with Engineers India Ltd (EIL) has decided to bid for acquiring 61.65 per cent stake of Bharat Petroleum Corporation Ltd (BPCL) in Numaligarh Refinery
Oil India Ltd (OIL) in consortium with Engineers India Ltd (EIL) has decided to bid for acquiring 61.65 per cent stake of Bharat Petroleum Corporation Ltd (BPCL) in Numaligarh Refinery Ltd (NRL).
The bid is to be submitted through a formal process. The exact percentage of the stake of OIL and ElL will depend on the extent of right of first offer to be exercised by the state government of Assam which holds 12.35 per cent stake in NRL.
Last year, the Assam government had given a no-objection certificate to the NRL deal on condition that another 13.65 per cent stake in NRL will be sold to the state. This will increase the state government’s stake in the company to 26 per cent.
NRL is the largest customer of OIL’s crude produced from its northeastern fields. The acquisition is expected to improve synergy in OIL’s portfolio, it said in a statement.
The deal is likely to happen before the privatisation process of BPCL is over. The sale of BPCL is expected to be key in achieving the Rs 1.75 lakh crore disinvestment target set for the new financial year beginning April 1 (FY2021-22).
OIL, a navratna public sector undertaking, is a fully integrated exploration and production company in the upstream sector and is the second-largest national oil and gas company in India as measured by total proved plus probable oil and natural gas reserves and production.
It is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. The company already has 26 per cent stake in NRL. (ANI)
COMMENTS
TOPMOST STORY NOW
Live Now you can book a stay at Janhvi Kapoor’s Chennai home
02nd May 2024Live Robbers snatch bag with Rs 45 lakh from inside PNB bank in Assam
02nd May 2024Live Mizoram: ULP stakes claim to form LADC government, submits letter to Governor
02nd May 2024Live Rs 20 lakh robbed from SBI Churachandpur branch in Manipur, 4th incident in a year
02nd May 2024WE RECOMMEND
Suspense continues over Rahul, Priyanka’s candidatures from Raebareli and Amethi; final decision today
The sources added that along with Congress leaders, its partners in the INDIA bloc also suggested that Rahul contest Amethi.
02nd May 2024Close to 100 schools in Delhi-NCR get bomb threat mails. Who sent the mails? What is the truth?
According to Delhi Police, the bomb threats sent via email to schools originated from Russia, as indicated by the IP address of the email, which was traced back to the domain "mail.ru"
01st May 2024Multiple schools across Delhi-NCR receive bomb threat, students evacuated; Delhi Police begin probe
Bomb detection teams, bomb disposal squads and officials of Delhi Fire Service have been rushed to schools and search operations are underway, a police officer said.
01st May 2024Delhi HC directs government to frame policy for compensating deaths due to Chinese ‘manjha’
In 2017, the Chinese Manjha was banned by the Indian government.
01st May 2024Licence of 14 Patanjali products cancelled. Check details here
In an affidavit filed in the Supreme Court, the licencing body said that it had suspended licenses of 14 products manufactured by Patanjali's Divya Pharmacy in connection with the misleading advertisements case.
30th April 2024