BPCL`s Buyout of Oman Oil`s stake in BORL
Code : FAC0061 |
Region : Asia |
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Introduction: Bharat Oman Refineries Limited (BORL), a 7.8 million ton oil refinery unit in the state of Madhya Pradesh in India, was formed as a public limited company in 1994 with equity participation from India-based public sector company Bharat Petroleum Corporation Limited (BPCL) and the Oman government-owned Oman Oil Company (OOC). In addition, the state government of Madhya Pradesh also had a stake in the refinery. BPCL wanted to convert BORL into a 100% subsidiary. Also, during the year 2020, the central government was in the process of disinvestment of BPCL. For this to happen, BPCL had to acquire OOC’s stake in the refinery. The disinvestment process at BPCL started in 2020-21, after which a proposal was put forward by the management of BPCL to the management of OOC for sale of its stake in BORL, to ensure the smooth merger of BORL with BPCL.. |
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