Oil India Limited (OIL) in consortium with Engineers India Limited (EIL) has decided to bid for acquiring 61.65% stake of Bharat Petroleum Corporation Limited (BPCL) in Numaligarh Refinery Limited (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 Government of Assam which already holds 12.35% stake in NRL,” OIL said in a statement.

"The acquisition is expected to improve the synergy in OIL's portfolio," the company said.

The deal is likely to happen by March, N. Vijayagopal, director, finance, BPCL had said on 9 February.

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.