scorecardresearch
Follow Us:
Thursday, April 22, 2021

BPCL board clears sale of entire stake in Numaligarh Refinery

The government had announced that BPCL’s stake in the Numaligarh refinery would not be part of the oil company when the Centre divests its stake of 52.98 per cent stake in BPCL.

By: ENS Economic Bureau | New Delhi |
Updated: March 2, 2021 3:56:59 am
OIL currently holds a 26 per cent stake, while EIL has a 12.5 per cent stake in NRL.

The board of Bharat Petroleum Corporation Ltd (BPCL) on Monday approved the sale of the privatisation-bound company’s entire stake of 61.65 per cent in Numaligarh Refinery Ltd (NRL), according to a regulatory filing.

The government had announced that BPCL’s stake in the Numaligarh refinery would not be part of the oil company when the Centre divests its stake of 52.98 per cent stake in BPCL. A consortium of Oil India Ltd (OIL) and Engineers India Ltd (EIL) is set to acquire 49 per cent stake in NRL and the Assam government the remaining 13.65 per cent stake, in a Rs 9,876 crore deal. OIL currently holds a 26 per cent stake, while EIL has a 12.5 per cent stake in NRL.

“Privatisation process of BPCL moves ahead with BPCL Board deciding to exit from NRL at a consideration of Rs 9875.96 Cr for its 61.65 per cent stake with transfer of control. OIL, EIL and Government of Assam will be picking up the stake,” said Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management in a tweet on Monday.

He also said the government had received multiple bids for Shipping Corporation of India, in which the Centre holds a 63.75 per cent stake. “Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Limited (SCIL). The transaction will now move to the second stage,” Pandey tweeted.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
Advertisement
Advertisement
Advertisement
Advertisement
x