BPCL seeks Assam govt’s stand on buying its stake in Numaligarh Refinery

The board of Bharat Petroleum Corporation Ltd (BPCL) has decided to initiate the process of selling its 61.65 per cent stake in subsidiary Numaligarh Refinery Ltd (NRL) amidst indications that the Assam government may not be interested in buying the entire stake by exercising a right of first refusal.

“The government has decided that BPCL will be privatised after hiving off NRL, which will be sold to a government company in the oil sector if the Assam government declines to exercise its right of first refusal to buy the shares owned by BPCL in NRL,” a government official said.

“On Thursday, BPCL wrote to the Chief Secretary of Assam requesting him to spell out the State government’s stand within two weeks on exercising the right of first refusal to buy the shares held by BPCL in NRL,” the official said.