Engineers India and Oil India to bid for 61.6% stake in Numaligarh Refinery

Oil India Confined (OIL) on Thursday said it has made the decision to bid for attaining sixty one.65 for every cent stake of Bharat Petroleum Company Confined (BPCL) in Numaligarh Refinery Confined (NRL) in consortium with Engineers India Confined (EIL).

The bid will be submitted by way of a formal approach. ElL will acquire the minority stakeholding in the consortium.

“The correct percentage of the stake of OIL and EIL will rely on the extent of appropriate of very first offer you (ROFO) to be exercised by governing administration of Assam which presently holds 12.35 for every cent stake in NRL,” Oil India said in a stock exchange submitting

NRL is the greatest customer of OIL’s crude developed from its North Eastern fields.

“The acquisition is predicted to enhance the synergy in OIL’s portfolio,” the corporation said.

“This would allow in diversifying the company into downstream oil and fuel functions,” EIL said in a seperate submitting.

For the quarter ended December 2020, the corporation described a Rs 889.sixty nine crore consolidated financial gain, up 25 for every cent bigger from Rs 709.39 crore bottom line described by the corporation in the very same quarter a yr before.

Crude oil generation in the December quarter has remained flat at .748 million tonne. In the meantime normal fuel generation for the quarter has marginally lessened to 673 million common cubic meters (MMSCM).

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