Assam government to exercise partial right of first refusal over BPCL stake-sale in Numaligarh Refinery

The Assam government has indicated willingness to raise its stake in Numaligarh Refinery Limited (NRL) to 26 per cent from 12.35 per cent, setting the stage for Bharat Petroleum Corporation Ltd (BPCL) to sell the balance shares it holds in the subsidiary, along with transfer of management control to a Central Government company in the oil sector.

The 26 per cent stake will help the State government secure some privileges available to entities holding 26 per cent under the Companies Act.

The State government had the right of first refusal if BPCL is to sell its 61.65 per cent stake in NRL, a mini ratna PSU with capacity to process three million metric tonnes per annum (MMTPA) of crude, according to a memorandum of understanding signed by the two sides.