OIL’s Rs 8675 crore Bihu Gift, takes over NRL


The Oil India Limited(OIL) today gave a Rs 8675 crore Bihu gift to the people of Assam by taking over the NRL and keeping the soul and spirit of the Assam Accord.
“This is truly a Bihu gift for the people of Assam,” said OIL CMD Sushil Chandra Mishra, just before the formal taking over at the NRL HQ at Guwahati where he was elected as the CMD.

First Board Meeting of OIL-NRL

The NRL’s original holding company BPCL is being privatsised and put the NRL also on the bloc raising hue and cry in Assam over the fate of the Assam Accord refinery .
But the OIL despite the harrowing year of 2020 stuck to the original game plan and clinched the deal by buying 54.16% share taking its overall holding to 80.16%.

OIL paid over Rs 8675 crores to BCPL

After the take over , combined revenue is 21 thousand crore which has made OIL a 3 billion dollar company, said a senior OIL official.

Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Friday said it has sold its entire 61.5 per cent stake in Numaligarh Refinery in Assam to a consortium of Oil India Ltd and Engineers India and Government of Assam for Rs 9,876 crore.

The sale of Numaligarh Refinery Ltd (NRL) clears the way for privatisation of India’s second-largest fuel retailer.

OIL CMD S C Mishra has taken over as NRL-OIL Conglomerate CMD

In keeping with the Assam Peace Accord, the government had decided to keep NRL in the public sector. As part of this, BPCL was to sell its entire 61.65 per cent stake to state-owned firms. NRL operates a 3 million tonnes per annum oil refinery.

A consortium of OIL, EIL, and the Government of Assam expressed interest in buying the stake. A Sale Purchase Agreement has been signed on March 25, 2021, between BPCL and the consortium of OIL and EIL for the sale of 43.05 crore shares in NRL to the consortium at a consideration of Rs 9,375.96 crore.

The remaining 2.29 crore equity shares have been transferred to the Government of Assam for Rs 499.99 crore.

EIL said it paid Rs 699.99 crore for 3.21 crore shares in NRL while OIL bought 39.84 crore shares for Rs 8,675.96 crore.

“Chairman and Managing Director OIL, who was a nominee director of OIL on the board of the NRL is today declared the Chairman in the board meeting. Existing directors nominated by BPCL on the board of NRL have resigned.

BPCL sold shares in NRL at a price of Rs 217.75 per share, totalling Rs 9,875.96 crore.

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