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, “BPCL’s board approved a proposal to sell entire 445.35 crore equity shares of BPCL to NIL and ELI and Assam government in NRL in a meeting held on March 1, 2021. 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 the biggest privatization of today.
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 percent stake in NRL to public sector companies. OIL and Engineers India Ltd. The alliance will probably acquire a 49 percent stake. The remaining 13.65 percent 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 percent stake in NRL. The Assam government holds a 12.35 percent stake in it.
