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OIL-led consortium to bid for 61.65% stake in NRL

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

SNS | New Delhi |

Oil India Limited (OIL) in consortium with Engineers India Limited (EIL) on Thursday announced that it has decided to bid for acquiring 61.65 per cent stake of Bharat Petroleum Corporation Limited (BPCL) in Numaligarh Refinery Limited (NRL).

OIL in a statement said that the bid will be submitted through a formal process.

“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 government of Assam which already holds 12.35 per cent stake in NRL,” Oil India said in a stock exchange filing

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.

EIL said in a separate filing said, “this would enable in diversifying the business into downstream oil and gas operations.”

The consolidated profit of the company in October-December quarter was at Rs 889.69 crore, up by was 25 per cent as compare to Rs 709.39 crore in the same period a year ago.