BPCL’s privatization process gathers pace with stake sale in NRL
With the approval of its stake sale in Numaligarh Refinery Ltd (NRL), the privatization process of Bharat Petroleum Corporation Ltd (BPCL) is catching pace.
While investors expect benefits of value unlocking to accrue soon, the proceeds of the stake sale are likely to be used for debt reduction and dividend distribution, rewarding shareholders further.
The BPCL stock price, thereby, saw gains of more than 3% on Tuesday. The board has approved the divestment of its entire 61.65% stake in NRL for ₹9,876 crore to a consortium of Oil India Ltd, Engineers India Ltd and the Government of Assam.
