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Oil India Ltd (OIL), in consortium with Engineers India Ltd (EIL), has decided to bid for acquiring 61.65 per cent stake of Bharat Petroleum Corporation Ltd (BPCL) in Numaligarh Refinery Ltd (NRL).
Extent of ROFO
The bid is to be submitted through a formal process. The exact percentage of the stake for Oil India and EIL will depend on the extent of Right of First Offer (ROFO) to be exercised by Government of Assam which already holds 12.35 per cent stake in NRL, a statement issued by Oil India said.
Largest customer
NRL is the largest customer of Oil India’s crude produced from its North-Eastern fields.
The acquisition is expected to improve the synergy in Oil India’s portfolio, the statement added.
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