Earlier this month BPCL board had approved to sell the firm's holding in the Numaligarh Refinery Ltd (NRL) for Rs 9,878 crore as part of its divestment process. The country's second-biggest state refiner is to sell its entire equity shares of 453.55 million equity shares in Numaligarh Refinery to a consortium of Oil India and Engineers India and may also include the state government of Assam, according to an exchange filing made by the company.
The government on November 20, 2019, had accorded in-principle approval for strategic disinvestment of its shareholding in BPCL. According to media reports, the government had received three preliminary bids, including one from Vedanta, for selling its stake in BPCL.
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