Bharat Petroleum Corporation (BPCL) board yesterday approved sale of its 61.65% stake in Numaligarh refinery for Rs. 9,875 crore, the company said in a regulatory filing. The consortium of Oil India Limited and Engineers India Ltd will acquire 49% and the rest 13.65% will be sold to the Government of Assam.

“The Board of Directors of Bharat Petroleum Corporation Limited (BPCL) at the meeting held on 1.3.2021 has approved the proposal for sale of entire equity shares i.e. 45,35,45,998 equity shares of Rs 10/-each held by BPCL in Numaligarh Refinery Ltd (NRL) (constituting 61.65% of the total equity capital of NRL), a material subsidiary company of BPCL to a consortium of Oil India Limited and Engineers India Limited, (consortium); and to Govt. of Assam, or only to the said consortium in case Govt. of Assam does not participate in purchase of said shares, in such proportion and on such terms and conditions as approved by the Board,” the company said in BSE filing.

The transaction is subject to the approval from shareholders of BPCL.

The consolidated total income of NRL for the financial year ended 31st March, 2020 was Rs. 14,244.29 crores i.e. 4.29% of consolidated total income of BPCL for the financial year 31st March, 2020.

Consolidated net worth of NRL as of 3 1st March, 2020 was Rs. 5,292.00 crore i.e. 14.18% of the consolidated net worth of BPCL as on 31st March, 2020.

The total sale consideration would be Rs. 9875,96,41,065 which would be received from i) consortium of Oil India Ltd & Engineers India Ltd (Consortium); and from Govt. of Assam(GoA) in case GoA agrees to participate in the transaction or onl y from consortium in case of non-participation by GoA.