Bharat Petroleum Corporation Limited (BPCL) to Bharat Oman Refineries Ltd. for ₹ 2,400 crore. (BORL) has signed a Sales Purchase Agreement (SPA) with OQ (formerly Oman Oil Company Limited) to purchase its entire stake.
BPCL operates a 7.8 MMTPA refinery in Bina, Madhya Pradesh.
BORL was incorporated in 1994 with equal equity participation of BPCL and OQ. BPCL had a 63.4% stake in BCLL and a 36.6% stake in OQ since March 2020. The Government of Madhya Pradesh holds a minor stake through compulsory convertible warrants.
BPCL Director (Finance) N. Vijaygopal said, “BPCL will take over control of BORL with the acquisition. It is expected that there will be considerable advantages in terms of synergy between the two companies and optimization of returns and Bina will facilitate future expansion or diversification. “
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