The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
India’s state-run Bharat Petroleum Corp will offload its holding in its unit Numaligarh Refinery Ltd for 98.78
billion rupees ($1.3 billion) as part of its own privatisation process.
The second-biggest state refiner will sell its 61.65% holding in Numaligarh Refinery to a consortium of state-run firms Oil India Ltd and Engineers India Ltd and may also include the provincial government of Assam, according to an exchange filing. The final sale pact will be entered into after obtaining clearances from its shareholders, Bharat Petroleum said.
Oil India currently holds 26% in Numaligarh Refinery Ltd, which operates a 3 million-tons-a-year oil refinery in Assam. The refinery is being expanded threefold to meet the region’s growing fuel demand.