Business

Oil India led consortium to bid for acquiring BPCL's stake in Numaligarh Refinery

ANI | February 19, 2021 11:33 AM
Oil India is the second largest national oil and gas company in India.

New Delhi [India], February 19 (ANI): 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)

Have something to say? Post your comment
Must Read
Hoshiarpur Police to get tough against violations of COVID Norms
Hoshiarpur Police to get tough against violations of COVID Norms
On PM-Kisan's 2nd anniversary, PM Modi says govt doing everything possible to double farmers' income
On PM-Kisan's 2nd anniversary, PM Modi says govt doing everything possible to double farmers' income
Punjab CM virtually launches Rs 1087 crores development projects under Smart City and AMRUT schemes
Punjab CM virtually launches Rs 1087 crores development projects under Smart City and AMRUT schemes
Punjab Cabinet paves way for deemed approval of regulatory clearances & auto renewal for industrial projects
Punjab Cabinet paves way for deemed approval of regulatory clearances & auto renewal for industrial projects
Punjab Cabinet approves implementation of Mission Lal Lakir in all villages
Punjab Cabinet approves implementation of Mission Lal Lakir in all villages
Punjab Cabinet okays amendment to Indian Partnership Act, 1932 to revise nearly 90-year-old fee structure
Punjab Cabinet okays amendment to Indian Partnership Act, 1932 to revise nearly 90-year-old fee structure
Punjab Cabinet approves restructuring of 5 more departments to create 1875 new posts & boost efficiencies
Punjab Cabinet approves restructuring of 5 more departments to create 1875 new posts & boost efficiencies
Indian  Youth Congress president of Faridkot district allegedly shot dead in the evening.6 bullets fired at him at point-blank range near his car
Indian Youth Congress president of Faridkot district allegedly shot dead in the evening.6 bullets fired at him at point-blank range near his car
Jang-e-Azaadi memorial reopened for public after 11 months
Jang-e-Azaadi memorial reopened for public after 11 months
Three lakh school students participate in competitions dedicated to 400th Parkash Purb of Guru Tegh Bahadur ji: Vijay Inder Singla
Three lakh school students participate in competitions dedicated to 400th Parkash Purb of Guru Tegh Bahadur ji: Vijay Inder Singla
Punjab gears up for General Elections of Municipal Bodies
Punjab gears up for General Elections of Municipal Bodies
Earthquake measuring 6.1 jolts Jalandhar, strong tremors felt in J&K, Delhi-NCR
Earthquake measuring 6.1 jolts Jalandhar, strong tremors felt in J&K, Delhi-NCR