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Bharat Petroleum Corporation Ltd (BPCL) on Wednesday signed a share purchase agreement to buy the 36.62% equity it does not already own in Bharat Oman Refineries Ltd (BORL) from OQ S.A.0.C.(formerly known as Oman Oil Company S.A.O.C) at Rs 27 a share in a deal worth Rs 2,399.26 crore.
The acquisition will make the 7.8 million tonnes (mt) capacity refinery, located at Bina in Madhya Pradesh a wholly-owned unit of BPCL.
“With the acquisition of OQ’s entire stake in BORL, BPCL will establish control over BORL. This is expected to bring immense advantages to both the companies in terms of synergies and optimization of returns and will facilitate any future expansion or diversification in Bina”, N. Vijayagopal, Director (Finance) of BPCL said
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