State owned refiner BPCL, which is in the midst of privatisation, on Tuesday said its board will meet on Wednesday to consider buying out Oman Oil Company in the Bina refinery project in Madhya Pradesh.
The BPCL board will also consider merging Bharat Gas Resources Ltd (BGRL) with itself, the company said in a filing to the stock exchanges on Tuesday.
BPCL holds a 63.68 per cent stake in Bharat Oman Refineries Ltd (BORL), which built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh.
The company board will on December 17 “consider a proposal for in-principle approval for acquisition of 36.62 per cent of equity shares in BORL from OQ S.A.O.C. (formerly known as Oman Oil Company S.A.O.C.)”, it said.
This would amount to the acquisition of 88.8 crore equity shares from OQ.
Shipping Corporation
The government plans to soon come out with the expression of interest for the privatisation of Shipping Corporation of India, which could see players like Essar Shipping, Adani, Vedanta, GE Shipping and Dubai Port World taking part in the stake sale process. Sources said a ministerial panel is expected to meet on Friday to take the call.
