Oil India May Acquire 48% of Numaligarh Refinery

Oil India May Acquire 48% of Numaligarh Refinery

Advertisement
Oil India May Acquire 48% of Numaligarh Refineryoil

Guwahati, January 29, 2020:

Oil India Ltd. may acquire close to 48 percent stake of Bharat Petroleum Corporation Limited’s (BPCL) in the Numaligarh Refinery Ltd according to the latest reports.

The Ministry of Petroleum, India is holding discussions relating to the acquisition and OIL is expecting to seal the deal with NRL as it is the only major bidder after Indian Oil Corporation (IOC) withdrew its interest.

ALSO READ: Assam Reaches All-time High of 715 Million Kilos of Tea Production

According to reports, while OIL may pick up close to 48 percent stake, Assam has indicated to pick up the rest to raise its stake to 26 percent from 12.4 percent.

It may be mentioned here that Assam Commerce and Industry Minister Chandra Mohan Patowary had recently stated that the state government was willing to pay up to Rs 2,000 crore to pick 13.6 percent of BPCL stake in NRL.

ALSO READ: Govt Plans to Sell 100% Stake in Air India

NRL recorded the highest revenue at Rs 18,511 crore in 2018-19, registering a 16.25 percent growth. Its earnings per share stood at Rs 27.79 and net worth reached Rs 5,551 crore.

If OIL acquires NRL’s stakes, it will help the former to foray into the lucrative fuel refining with possible entry into retailing at a later stage.

Support Inside Northeast (InsideNE), an independent media platform that focuses on Citizen-centric stories from Northeast India that are surprising, inspiring, cinematic and emotionally relevant.

Readers like you make Inside Northeast’s work possible.

To support our brand of fearless and investigative journalism, support us HERE.

Download:

The Inside Northeast app HERE for News, Views, and Reviews from Northeast India.

Do keep following us for news on-the-go. We deliver the Northeast.

Edited By: Admin
Published On: Jan 29, 2020
POST A COMMENT