BPCL to take over Oman Oil’s stake in Bina
A proposal to approach the Madhya Pradesh government for acquiring 2.69 crore warrants held by it in BORL was also given the go-ahead.
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| A+A A- By Express News Service
NEW DELHI: Headed for privatisation, the Board of state-owned Bharat Petroleum Corporation Ltd (BPCL) on Thursday approved a proposal to buy Oman Oil Company’s stake in the Bina refinery project in the state of Madhya Pradesh.
BPCL holds 63.68 per cent stake in Bharat Oman Refineries Ltd (BORL), which built and operates a 7.8 million tonne oil refinery at Bina in MP. Oman Oil had recently expressed an interest to divest its stake in BORL. The JV had become a subsidiary of BPCL in March this year when it converted warrants into shares, taking the state-owned refiner’s stake in the erstwhile equal joint venture to 63.38 per cent.
Bharat Petroleum Corporation Ltd (BPCL) on Thursday said its board has approved buying out Oman Oil Company s stake in the Bina refinery project in Madhya Pradesh on mutually agreeable terms. The BPCL board at its meeting also approved merging Bharat Gas Resources Ltd (BGRL) with itself, the company said in a filing to the stock exchanges.
BPCL holds 63.68 percent stake in Bharat Oman Refineries Ltd (BORL), which built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh. The board accorded its approval for acquisition of 88.86 crore (39.62 percent) of equity shares in Bharat Oman Refineries Ltd from OQ S.A.O.C. (formerly known as Oman Oil Company) subject to finalisation of definitive agreement between parties, it said.
BPCL to acquire stake of other shareholders in Bharat Oman Refineries Ltd
Posted On: 2020-12-17 06:36:15 (Time Zone: Arizona, USA)
The Board of Directors of Bharat Petroleum Corporation Limited (BPCL) at the meeting held on 17th December 2020 has accorded its approval for acquisition of 888,613,336 (36.62%) of equity shares in Bharat Oman Refineries Ltd (BORL) from OQ S.A.O.C. (formerly known as Oman Oil Company S.A.O.C) subject to the finalization of definitive agreement between parties, the approval of the competent authorities and completion of Regulatory and other requirements. The Board of Directors has also approved the proposal to approach Government of Madhya Pradesh (GoMP) for acquiring 269,00,000 warrants held by GoMP in BORL.
Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Thursday said its board has approved buying out Oman Oil Company s stake in the Bina refinery project in Madhya Pradesh on mutually agreeable terms. The BPCL board at its meeting on Thursday also approved merging Bharat Gas Resources Ltd (BGRL) with itself, the company said in a filing to the stock exchanges.
BPCL holds 63.68 per cent stake in Bharat Oman Refineries Ltd (BORL), which built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh. The board accorded its approval for acquisition of 88.86 crore (39.62 per cent) of equity shares in Bharat Oman Refineries Ltd from OQ S.A.O.C. (formerly known as Oman Oil Company) subject to finalisation of definitive agreement between parties, it said.
Privatization bound Bharat Petroleum Corporation Ltd (BPCL) has said its board will on Thursday consider buying out Oman Oil Company in the Bina refinery project in Madhya Pradesh. BPCL board will also consider merging Bharat Gas Resources Ltd(BGRL) with itself, the company said in a filing to the stock exchanges on Tuesday.
BPCL holds 63.68 percent stake in Bharat Oman Refineries Ltd (BORL), which built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh. The company board will on December 17 consider a proposal for according in-principle approval for acquisition of 36.62 percent of equity shares in BORL from OQ S.A.O.C. (formerly known as Oman Oil Co S.A.O.C.), it said.