OIL takes over NRL, holds first board meet

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HT Bureau

GUWAHATI, April 13: The first meeting of the board of directors (BoD) of Numaligarh Refinery Limited (NRL), with Oil India Limited (OIL) as the holding company, was held at NRL corporate office here on Tuesday, after OIL acquired the majority shares.

The meeting was held under the chairmanship of OIL chairman cum managing director (CMD) SC Mishra.

In keeping with the Assam Accord, the government had decided to keep NRL in the public sector.

Earlier, privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) said it has sold its entire 61.5 percent stake in NRL to a consortium of OIL and Engineers India Ltd (EIL) and Assam government for Rs 9,876 crore.

OIL bought a 54.16 per cent stake to raise its shareholding in the refinery to 80.16 per cent, the company said in stock exchange filings.

Its partner, Engineers India Ltd (EIL) bought a 4.4 percent stake and the balance of 3.2 percent was acquired by the state government.

The sale of NRL was considered as the first step towards the disinvestment of BPCL.

The government had indicated that it expected to complete BPCL privatisation by the first half of the fiscal beginning April (2021-22).

NRL is looking to expand its refining capacity from 3 million tonnes per annum to 9 million tonnes a year at an investment of Rs 22,594 crore. The project is expected to be completed by 2024.

The expansion also involves setting up a crude oil pipeline from Paradip in Odisha to Numaligarh and a product pipeline from Numaligarh to Siliguri in West Bengal.

 

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