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NUMALIGARH Refinery Ltd (NRL) may be in for equity capital restructuring. According to NRL sources, a firm proposal for awarding the entire 12.34 per cent stake of Oil Industry Development Board (OIDB) and 1.31 per cent (out of 62.96 per cent) of BPCL to Oil India Ltd is now awaiting the Cabinet's approval. OIL currently holds a 12.35 per cent stake in NRL.

After the proposed restructuring, OIL will hold a 26 per cent stake. BPCL will remain the single largest stakeholder with a 61.6 per cent equity stake. The Assam Government will continue to hold a 12.35 per cent stake. The Union Ministry of Petroleum and Natural Gas approved the restructuring in October.

Though the exercise would not infuse fresh capital in NRL, the sources said that OIL's enhanced interest in the company may provide the much needed backward integration to Numaligarh in the long-run.

More Stories on : Restructuring | Petroleum

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