OIL, EIL consortium to bid for BPCL’s stake in Numaligarh RefineryOil India (OIL) in consortium with Engineers India (EIL) has decided to bid for acquiring 61.65 percent stake of the Bharat Petroleum Corporation (BPCL) in Numaligarh Refinery (NRL).

The bid is to be submitted through a formal process. The exact percentage of the stake of OIL and EIL will depend on the extent of right of first offer (ROFO) to be exercised by the government of Assam which already holds 12.35 percent stake in NRL.

NRL is the largest customer of OIL’s crude produced from its North-Eastern fields. The acquisition is expected to improve the synergy in OIL’s portfolio.

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