Disinvestment: BPCL’s NRL stake sale to fetch over Rs 5,000 crore for Centre
Ahead of privatisation of Bharat Petroleum Corporation (BPCL), the board of the fuel-retailer-cum-refiner on Monday approved sale of the company’s 61.65% stake in Numaligarh Refinery (NRL) which will garner about Rs 5,232 crore to the Centre as special dividend.
“Privatisation process of BPCL moves ahead with BPCL Board deciding to exit from NRL at a consideration of Rs 9,875.96 crore for its 61.65% stake with transfer of control. OIL, EIL and Government of Assam will be picking up the stake,” department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey tweeted. The Centre holds 52.98% stake in BPCL. “Special dividend will be taken out at appropriate time,” another senior DIPAM official said.
BPCL operates four refineries in India, Mumbai Refinery, Kochi Refinery, BORL-Bina Refinery and NRL with a combined crude oil refining capacity of 38.3 MMTPA (766 KBPD). BPCL’s stake in NRL is not part of the Centre’s offer to sell its entire stake in BPCL to a strategic buyer.
