BPCL sells 54.16 per cent stake in NRL to OIL; 4.4 per cent to EIL

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Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Friday said it has sold its entire 61.5 per cent stake in Numaligarh Refinery in Assam to a consortium of Oil India Ltd and Engineers India and Government of Assam for Rs 9,876 crore.

OIL bought a 54.16 per cent stake to raise its shareholding in the refinery to 80.16 per cent, the company said in stock exchange filings.

Its partner, Engineers India Ltd (EIL) bought a 4.4 per cent stake and the balance 3.2 per cent was acquired by Government of Assam.

The sale of Numaligarh Refinery Ltd (NRL) clears the way for privatisation of India’s second-largest fuel retailer.

In keeping with the Assam Peace Accord, the government had decided to keep NRL in the public sector. As part of this, BPCL was to sell its entire 61.65 per cent stake to state-owned firms.

A consortium of OIL, EIL, and Government of Assam expressed interest in buying the stake.

Source