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Motilal Oswal Report
Bharat Petroleum Corporation Ltd.'s board has approved the divestment of its entire 61.65% stake in Numaligarh Refinery for Rs 98.76 billion to a consortium of Oil India Ltd., Engineers India Ltd. and the Government of Assam (which has the first right of refusal).
Oil India, Government of Assam currently holds 26%/12.35% stake.
Last week, BPCL finalized commercial terms for acquiring Oman Oil's approximately 36.62% stake in Bina refinery for ~Rs 24 billion.
Post completion of the transaction, it will hold a 100% stake in Bharat Oman Refineries Ltd.
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