OIL-led consortium to bid for BPCL stake in NRL
- Country:
- India
Oil India Limited (OIL) inconsortium with Engineers India Limited (EIL) has decided tobid for acquiring 61.65 per cent stake of Bharat PetroleumCorporation Limited (BPCL) in Numaligarh Refinery Limited(NRL).
The bid is to be submitted through a formal process,according to a statement issued by OIL on Thursday.
The exact percentage of the stake of OIL and EIL willdepend on the extent of Right of First Offer (ROFO) to beexercised by the Government of Assam, which already holds12.35 per cent stake in NRL.
NRL is the largest customer of OIL's crude produced atits Northeastern fields.
The acquisition is expected to improve the synergy inOIL's portfolio, the statement added.
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