Oil India (OIL) in consortium with Engineers India (EIL) has decided to bid for acquiring 61.65 percent stake of Bharat Petroleum Corporation (BPCL) in Numaligarh Refinery (NRL). The bid is to 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 the Government of Assam, which already holds12.35 per cent stake in NRL. The acquisition is expected to improve the synergy in OIL's portfolio.
Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company.
