Oil India Limited sells $110m worth stake in Numaligarh oil refinery to Assam govt

Oil India Limited said that it has transferred more than three crores and sixty one lakh equity shares of Numaligarh Refinery Limited (NRL), the holding company of the Numaligarh oil refinery in Assam, to the Assam government.

The consideration of the share transfer is INR 217.75 per share with the total sum being INR 7.86 billion ($110 million).

Following the transaction, the stake of Oil India Limited in Numaligarh Refinery has come down from 77.06% to 72.15 %.

Oil India Limited sells $110m worth stake in Numaligarh oil refinery to Assam government. Photo courtesy of SatyaPrem from Pixabay.

Earlier this year, the Indian government-owned natural gas liquids company had transferred nearly 2.28 crores of equity shares in Numaligarh oil refinery to the Assam government for INR 4.96 billion, while reducing its stake from 80.16% to 77.06%.