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BPCL to sell stake in Numaligarh refinery, deal for Rs 9,876 crore

Bharat Petroleum Corporation Ltd. (BPCL) will sell a stake in Numaligarh Refinery for Rs 9,876 crore. BPCL announced the exit from Numaligarh Refinery Ltd in Assam on Monday. BPCL said that it would hold its entire stake in Numaligarh Refinery, Oil India Ltd. (OIL) and Engineers India Ltd. (EIL) will sell the alliance for Rs 9,876 crore. Numaligarh Refinery Ltd. The sale will pave the way for the privatization of the country’s second largest retail fuel company. It is known that the government is preparing to privatize BPCL. Oil India Ltd., Engineers India Ltd. and the Assam government have shown interest in buying this stake. The board of directors of BPCL approved the sale on Monday.

In a communication sent to the stock exchanges, the company said, “The board of directors of BPCL, in a meeting held on March 1, 2021, approved the proposal to sell the entire 445.35 crore equity shares of BPCL in the NRL to OIL and ELI and the Assam government. The stake will be sold for Rs 9875.96 crore.”

After the sale of NRL, BPCL will have three refineries at Mumbai, Kochi (Kerala) and Bina (Madhya Pradesh). The government is going to sell its entire 52.98 percent stake in BPCL. It is being called today’s biggest privatization.

Government Numaligarh Refinery Ltd. (NRL) has been decided to be placed in the public domain under the Assam Peace Accord. Under this, BPCL will sell its entire 61.65 per cent stake in NRL to public sector companies.

OIL and Engineers India Ltd. in the alliance will probably acquire a 49 per cent stake. The remaining 13.65 per cent stake will be held by the Assam government. NRL operates a 3 million tonne per annum oil refinery in Assam. OIL currently has a 26 per cent stake in NRL. The Assam government holds a 12.35 per cent stake in it.

 

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