Oil India (OIL) has entered into a Share Purchase Agreement (SPA) for the proposed acquisition of 39,84,36,929 equity shares in the share capital of Numaligarh Refinery (NRL) from Bharat Petroleum Corporation (BPCL). OIL's proposed acquisition, and the consequent enhancement of its existing shareholding in the target company at the proposed closing date, would result in a transfer of management control of the target company to OIL. OIL would correspondingly replace BPCL as the promoter of the target company.
Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company.
