Corporate News 19-Feb-21
Board of Engineers India approves proposed acquisition of stake in Numaligarh Refinery
At meeting held on 18 February 2021
The Board of Engineers India (EIL) at its meeting held on 18 February 2021 has approved submission of a bid by EIL (minority stake), in consortium with Oil India (OIL) (i.e., the lead member) (and if successful), entering into a Share Purchase Agreement (SPA) for the proposed acquisition along with OIL (which will also be a party to the SPA) of collectively up to 61.65% of the share capital of Numaligarh Refinery (a company primarily engaged in the business of refining of petroleum products) from Bharat Petroleum Corporation.
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