The board of Bharat Petroleum Corp. approved the sale of its 61.25% stake in the Assam-based Numaligarh Refinery Ltd. for Rs 9,876 crore
About the deal
The proposal includes sale of 45.36 crore shares (Rs 10 each) of Numaligarh Refinery to a consortium of Oil India Ltd. and Engineers India Ltd. (48% stake), and to the Government of Assam (13.65%).
Now, the deal is subject to approval from shareholders.
Reason & Benefit
The stake sale is a step towards the divestment of BPCL in which the government plans to cede control by selling its entire 52.98%.
The deal will help the federal government push forward with the sale of its own holding in Bharat Petroleum in potentially the country’s biggest asset sale.
Company’s Financial
The consolidated total income and net worth of Numaligarh Refinery for the financial year 2019-20 was Rs 14,244 crore.
Impact on Stock Market
Bharat Petroleum Corporation (BPCL) share price rose 5 percent in early trade on March 2 after the company’s board approved the
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