Bharat Petroleum Corporation (BPCL) on Thursday announced that the Board of Directors of the company has accorded its approval for acquisition of 888,613,336 (36.62%) of equity shares in Bharat Oman Refineries (BORL) from OQ S.A.O.C.
BPCL said the Board of Directors has also approved the proposal to approach Government of Madhya Pradesh for acquiring 269,00,000 warrants held by the Government in Bharat Oman Refineries.
BORL was incorporated on 25 February 1994 where BPCL holds 63.38% stake while OQ S.A.O.C holds 36.62% of the paid up share capital. The revenue from operations of BORL for the financial years in 2019-20 was Rs 41,940.96 crore, in 2018-19 it was Rs 31,597.59 crore and in 2017-18 was Rs 31,287.48 crore.