Oil India May Acquire 48% of Numaligarh Refinery

Oil India May Acquire 48% of Numaligarh Refinery

oil oil

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.

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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.

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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.

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