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Bharat Petroleum Corporation Ltd to sell stake for Rs 9,876 crore
The privatisation-bound BPCL added that it will sell its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.
| 2 March 2021 2:22 AM GMT
NEW DELHI: The Bharat Petroleum Corporation Ltd (BPCL) on Monday said that it will exit Numaligarh Refinery in Assam. The privatisation-bound BPCL added that it will sell its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.
With this sale of the Numaligarh Refinery Ltd, the way has been cleared for privatisation of India s second-largest fuel retailer.
Oil India led consortium to bid for acquiring BPCL s stake in Numaligarh Refinery ANI | Updated: Feb 19, 2021 11:33 IST
The bid is to be submitted through a formal process. The exact percentage of the stake of OIL and ElL will depend on the extent of right of first offer to be exercised by the state government of Assam which holds 12.35 per cent stake in NRL.
Last year, the Assam government had given a no-objection certificate to the NRL deal on condition that another 13.65 per cent stake in NRL will be sold to the state. This will increase the state government s stake in the company to 26 per cent.
Fitch lowers risk for credit metrics of Indian oil marketing firms ANI | Updated: Feb 16, 2021 15:13 IST
Mumbai (Maharashtra) [India], February 16 (ANI): The sustained strength of marketing margins and recovering demand for petroleum products is supporting the profitability of India s oil marketing companies against weak gross refining margins (GRMs), thereby lowering downside risks for their credit metrics, according to Fitch Ratings.
Petroleum product sales at Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) surged by 22 to 23 per cent in the third quarter of the financial year ending March 2021 (3Q FY21) from the previous quarter with domestic transportation fuel demand recovering to near-normal levels, barring aircraft fuel, and marketing margins on auto fuel sustained at above pre-pandemic levels.
The sustained strength of marketing margins and recovering demand for petroleum products is supporting the profitability of India s oil marketing companies against weak gross refining margins (GRMs), thereby lowering downside risks for their credit metrics, according to Fitch Ratings.
Petroleum product sales at Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) surged by 22 to 23 per cent in the third quarter of the financial year ending March 2021 (3Q FY21) from the previous quarter with domestic transportation fuel demand recovering to near-normal levels, barring aircraft fuel, and marketing margins on auto fuel sustained at above pre-pandemic levels.