Bharat Petroleum Corporation Limited (Bharat Petroleum Corporation Limited, BPCL) plans to sell its 61.65 percent stake in Numaligarh Refinery Limited to Numaligarh Refinery Limited to Oil India (Oil India, OIL) and Assam Government (Assam Government), moving towards privatization Will complete by the end of March. The company’s director (Finance) N Vijayagopal gave this information on Tuesday.
As per the plan, the consortium of OIL and Engineers India Ltd will acquire 49 per cent and the remaining 13.65 per cent will be sold to the Assam government, N Vijayagopal said on Monday. He further said that the transaction of Numaligarh Refinery in Assam will be completed by 31 March. He said that completion of the transaction is subject to the necessary government approval deal.
Vijaygopal said during this time that Bharat Petroleum would buy shares of Oman Oil Company in the Bina Refinery project in the next 10 days. For which the company is hoping to complete a separate sale of its stake in Numaligarh Refinery by the end of next month. BPCL has a 63.68 percent stake in Bharat Oman Refineries Ltd, which has built and operated a 78 lakh tonne capacity refinery in Bina, Madhya Pradesh.
Vijaygopal told reporters after the quarterly results that discussions to acquire a 36.62 percent stake in OQ SAOC (OQ S.A.O.C.) have been completed. We can announce the acquisition of the stake in the next 10 days. OQ S.A.O.C. Formerly known as Oman Oil Company. He, however, did not divulge details about the acquisition. BPCL is currently undergoing privatization. However, the company will exit Numaligarh Refinery Limited (NRL) before privatization.
It is selling the stake because the government has agreed to keep Numaligarh Refinery Limited (NRL) in the public domain as per the Assam Peace Accord. While presenting the budget of 2021-22, Union Finance Minister Nirmala Sitharaman had said that the government has set a target of disinvestment of Rs 1.75 lakh crore. In this sequence, the government is selling its entire 52.98 percent stake in Bharat Petroleum Corporation Limited (BPCL).
Vedanta Group has said that it has filed initial expression of interest to buy government stake in BPCL. Vedanta’s interest in India’s second largest fuel retailer is due to its synergy with its existing oil and gas business. BPCL’s 61.65% stake in Numaligarh Refiner of Assam is not included in this sale.