BPCL on Friday said it has sold its entire 61.5% stake in Numaligarh Refinery (NRL) in Assam to a consortium of Oil India and Engineers India and government of Assam for Rs 9,876 crore.
Oil India (OIL) acquired 39,84,36,929 equity shares, or 54.16% stake in NRL. Following the transaction, OIL's total stake in NRL has increased to 80.16%.
Engineers India (EIL) bought 3,21,46,957 equity shares, or 4.37% stake, in NRL. EIL's move is aimed at diversification into downstream oil & gas operations.
The remaining 2.29 crore equity shares have been transferred to Government of Assam for Rs 499.99 crore.
Before the transaction, BPCL held 61.65% stake, Government of Assam held 12.35% stake and OIL held 26% stake in NRL.
NRL is primarily engaged in the business of refining of petroleum products having revenue of Rs 14,073 crore in FY 2020. NRL is the largest customer of OIL's crude produced from its North Eastern fields. The acquisition is expected to improve the synergy in OIL's portfolio. The 3 MMTPA NRL has been conferred the status of Mini Ratna PSU.
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