Engineers India, OIL team up to bid for BPCL’s 61.65% stake in NRL

New Delhi: Oil India NSE 2.13 % (OIL) has teamed up with Engineers India NSE 1.14 % Ltd (EIL) to bid for BPCL NSE 0.96 %’s 61.65% stake in Numaligarh Refinery Limited (NRL).

The boards of the two state-run firms approved on Thursday their plans to jointly bid and, if successful, acquire BPCL’s stake in NRL that operates a 3 million tonnes a year refinery in Assam.

While deciding on BPCL’s privatisation, the government has decided last year to hive off NRL and sell it to a government-owned company.