BPCL exits NRL Assam
Bharat Petroleum Corporation Ltd. (BPCL) has sold its entire 61.5 percent stake in NRL Assam. The shares have been sold to a consortium of Oil India Ltd. (OIL) and Engineers India and the Government of Assam for nearly Rs 9,876 crore.
Oil India acquired over 39.84 crore shares or a 54.16 percent stake in NRL Assam. After acquisitions, OIL’s cumulative equity shareholding in NRL becomes 80.16 percent. Engineers India Limited (EIL) which is also a party to the deal, has independently acquired over 3.21 crore equity shares or 4.4 percent of NRL Assam from BPCL. In a regulatory filing, the BPCL said that the remaining 2.29 crore equity shares have been transferred to the Government of Assam. Assam government has an existing shareholding of 12.35 percent in NRL Assam.
NRL is the largest customer of OIL’s crude produced from its North Eastern fields in India. The acquisition is expected to improve the synergy in OIL’s portfolio and develop an integrated oil operation.