Question : Privatisation-bound BPCL has recently decided to sale its entire stake in Numaligarh Refinery. How much stake have BPCL in Numaligarh Refinery ?
(a) 61.65 percent
(b) 56.65 percent
(c) 71.65 percent
(d) 66.65 percent
Ans.(a)
- Privatisation-bound BPCL has recently(March 2021) decided to sale its entire stake in Numaligarh Refinery.
Share holding pattern in Numaligarh Refinery
- It is notable that BPCL has 61.65 percent stake in Numaligarh Refinery. Which costs Rs 9,876 crore.
- OIL currently holds 26 per cent equity in NRL while Government of Assam has around 12.35 per cent.
Purpose of Withdrawal
- BPCL wants to pay shareholders from Rs 9,876 crore Numaligarh Refinery stake sale
Investors
- Above mentioned stake would be purchased by a a consortium of state-owned Oil India, consultancy firm Engineers India Ltd (EIL) and Government of Assam for Rs 9,875.96 crore.
- BPCL will seek approval of the shareholders at a meeting on March 25 and plans to sign the sale pact within two days of that and conclude the transaction before month-end.
- In keeping with the Assam Peace Accord, the government had decided to keep NRL in the public sector.
- To ensure this, it was decided that BPCL will sell its entire 61.65 per cent stake to state-owned firms.
Outcome
- Post NRL sale, BPCL would be left with three refineries at Mumbai, Kochi (Kerala) and Bina (Madhya Pradesh), which together make up for 14 per cent of India’s oil refining capacity.
Disinvestment of BPCL
- It is notable that BPCL is a privatisation-bound PSU. The government has already indicated that it expects to complete BPCL privatisation by the first half of the fiscal year beginning April 1 (2021-22).
- The sale of NRL is the first step towards the disinvestment of BPCL.
- NRL operates a 3 million tonnes per annum oil refinery in Assam.
By — Pankaj Pandey.