BPCL board clears sale of total stake in Numaligarh Refinery

The board of Bharat Petroleum Corporation Ltd (BPCL) on Monday authorized the sale of the privatisation-bound firm’s total stake of 61.65 per cent in Numaligarh Refinery Ltd (NRL), in response to a regulatory submitting.
The authorities had introduced that BPCL’s stake within the Numaligarh refinery wouldn’t be a part of the oil firm when the Centre divests its stake of 52.98 per cent stake in BPCL. A consortium of Oil India Ltd (OIL) and Engineers India Ltd (EIL) is ready to accumulate 49 per cent stake in NRL and the Assam authorities the remaining 13.65 per cent stake, in a Rs 9,876 crore deal. OIL presently holds a 26 per cent stake, whereas EIL has a 12.5 per cent stake in NRL.
“Privatisation process of BPCL moves ahead with BPCL Board deciding to exit from NRL at a consideration of Rs 9875.96 Cr for its 61.65 per cent stake with transfer of control. OIL, EIL and Government of Assam will be picking up the stake,” stated Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management in a tweet on Monday.

He additionally stated the federal government had obtained a number of bids for Shipping Corporation of India, wherein the Centre holds a 63.75 per cent stake. “Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Limited (SCIL). The transaction will now move to the second stage,” Pandey tweeted.