Engineers India, OIL to bid for 61.6% stake of Bharat Petroleum in NRL

DULIAJAN: Oil India Limited (OIL) and Engineers India Limited (EIL) will jointly bid for acquiring a 61.65 per cent stake of Bharat Petroleum Corporation Limited (BPCL) in Numaligarh Refinery Limited (NRL).

An official release of the organization states that the bidding process will be formally carried out and that the exact percentage of both OIL and EIL's stake will depend on the extent of the Right of First Offer (ROFO) to be exercised by the Assam Government, which already holds 12.35 shares of NRL.

ALSO READ:Kohima Medical College Likely To Enroll Students From 2022

The state-owned engineering consultancy firm said in a statement that EIL will hold a minority share in the consortium while OIL will be the leader.

It further said that this would allow EIL to diversify its business into downstream oil and gas operations.

NRL is the biggest customer of crude produced from its North Eastern fields by OIL. The acquisition is expected to improve OIL's portfolio synergy.

OIL is the second largest national oil and gas company in India.