Board of Oil India approves proposed acquisition of 61.65% stake in Numaligarh Refinery

At meeting held on 18 February 2021

The Board of Oil India in its meeting held on 18 February 2021 has approved the submission of a bid by Oil India for (and if successful, entering into a share purchase agreement for) the proposed acquisition along with Engineers India (which is also a party to the SPA) of collectively up to 61.65% of the share capital of Numaligarh Refinery (NRL) (a company primarily engaged in the business of refining of petroleum products) from Bharat Petroleum Corporation.

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