BPCL takes control of Bina Refinery; buys out Omani company’s stake at ₹27 a share
February 11, 2021
A view of the Bharat Petroleum Corporation Limited in Chennai - THE HINDU×
BPCL is also in talks with Madhya Pradesh govt for acquiring the 2.69 crore convertible share warrants held by it in BORL
Bharat Petroleum Corporation Ltd (BPCL) will buy the 36.62 per cent equity shares it does not own in Bharat Oman Refineries Ltd (BORL) from OQ S.A.0.C.(formerly known as Oman Oil Company S.A.O.C) at ₹27 a share, in a deal worth ₹2,399.26 crore.
The transaction, when closed, will make BORL, which runs a 7.8-million tonne (mt) capacity refinery at Bina in Madhya Pradesh, a 100 per cent unit of BPCL. It will also improve the valuation of the ‘Maharatna’ PSU which has been put up for privatisation by the government.