OIL-led consortium to bid for BPCL stake in NRL

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Oil India Limited (OIL) in consortium with Engineers India Limited (EIL) has decided to bid for acquiring 61.65 per cent stake of Bharat Petroleum Corporation 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 will depend on the extent of Right of First Offer (ROFO) to be exercised by the Government of Assam, which already holds 12.35 per cent stake in NRL.

NRL is the largest customer of OIL”s crude produced at its Northeastern fields.

The acquisition is expected to improve the synergy in OIL”s portfolio, the statement added.