(TH)
Indian Oil Corporation Ltd. (IOCL) and Oil India Limited (OIL) are in the race to buy Bharat Petroleum Corporation Limited’s (BPCL’s) 61.65% stake in Numaligarh Refinery Limited (NRL), according to sources in the know of the development.The strategic sale of the government’s 53.39% stake in BPCL would be done without NRL, Finance Minister Nirmala Sitharaman had said last month. Hence, the government has to first demerge NRL from BPCL.
NRL owns and operates a 3-million-tonne per annum (MTPA) refinery in Numaligarh in Golaghat district of Assam and has plans for a threefold growth in its refining capacity to 9 MTPA at an investment of Rs.22,500 crore to meet the rising fuel demand in the North East.
