BPCL sells 54.16% stake in Numaligarh Refinery to Oil India; 4.4% to EIL

Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Friday said it has sold its entire 61.5 per cent stake in Numaligarh Refinery in Assam to a consortium of Oil India Ltd and Engineers India and Government of Assam for Rs 9,876 crore.

OIL bought a 54.16 per cent stake to raise its shareholding in the refinery to 80.16 per cent, the company said in stock exchange filings.

Its partner, Engineers India Ltd (EIL) bought a 4.4 per cent stake and the balance 3.2 per cent was acquired by Government of Assam.

The sale of Numaligarh Refinery Ltd (NRL) clears the way for privatisation of India’s second-largest fuel retailer.