NEW DELHI: The board of Bharat Petroleum Corporation (BPCL), which has been put on the block by the government, on Monday approved sale of its 61.65% stake in Numaligarh Refinery Ltd (NRL) for Rs 9,875 crore, according to a regulatory filing.
\nA consortium of state-run engineering consultancy company EIL and northeast explorer Oil India Ltd (OIL) is to buy BPCL\u2019s 49% stake in NRL. Assam government is to buy the remaining 13.6% of BPCL\u2019s stake. OIL already holds 26% and the state government 12.3% in NRL.
\nThe government had decided to exclude NRL\u2019s refinery in Assam, the only one in the northeast, from BPCL sale as it was built under an accord between the Centre and the state. OIL already holds 26% in NRL, while the Assam government holds a little over 12%.
\nThe acquisition of BPCL\u2019s stake in NRL by the EIL-OIL combine will maintain NRL\u2019s status as a public sector undertaking and exclude it from the former\u2019s disinvestment, one of the conditions set for selling BPCL.
\nEIL\u2019s partnership with OIL for a stake in NRL is part of a plan to expand its business beyond consultancy. It will be a minority partner in the consortium with OIL.
\nNRL has plans to treble refining capacity to 9 million tonnes a year at an investment of Rs 22,594 crore by 2024 with a view to improving product availability in the region and ramp up exports to countries neighbouring the northeast region.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: The board of Bharat Petroleum Corporation (BPCL), which has been put on the block by the government, on Monday approved sale of its 61.65% stake in Numaligarh Refinery Ltd (NRL) for Rs 9,875 crore, according to a regulatory filing. A consortium of state-run engineering consultancy company EIL and northeast explorer Oil India Ltd (OIL) is to buy BPCL\u2019s 49% stake in NRL. Assam government is to buy the remaining 13.6% of BPCL\u2019s stake. OIL already holds 26% and the state government 12.3% in NRL. The government had decided to exclude NRL\u2019s refinery in Assam, the only one in […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-402697","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/402697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=402697"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/402697\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=402697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=402697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=402697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}