GUWAHATI: Bharat Petroleum Corporation Ltd (BPCL) has approved the sale of its entire shareholding of 61.65 percent in Numaligarh Refinery Ltd (NRL) for Rs 9,875 crore.
In a regulatory filing, the company said, “We wish to inform you that the Board of Directors of Bharat Petroleum Corporation Limited has approved the proposal for sale of entire equity shares i.e. 45,35,45,998 equity shares of Rs 10/- each held by BPCL in Numaligarh Refinery Ltd (NRL) (constituting 61.65% of the total equity capital of NRL), a material subsidiary company of BPCL to a consortium of Oil India Limited and Engineers India Limited; and to Govt. of Assam, or only to the said consortium in case Govt. of Assam does not participate in purchase of said shares, in such proportion and on such terms and conditions as approved by the Board”.
Sharing the news on Twitter, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said, “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% stake with transfer of control. OIL, EIL and Government of Assam will be picking up the stake.”
The disinvestment of NRL is a key step towards the privatisation of BPCL.