The bid will be submitted through a formal process.
The Assam government will increase its stake to 26%, while Engineers India Ltd will be a new shareholder with a minority stake, and the refinery will become a subsidiary of Oil India which currently holds 26% stake in the refinery.
“The exact percentage of the stake of OIL and EIL will depend on the extent of Right of First Offer (ROFO) to be exercised by Government of Assam which already holds 12.35% stakes in NRL,” said an OIL statement.
NRL is the largest customer of OIL’s crude produced from its North Eastern fields.
“The acquisition is expected to improve the synergy in OIL’s portfolio,” the company said.
The deal is likely to happen by March, N. Vijayagopal, director, finance, BPCL had said on 9 February.
The sale of BPCL is key in achieving government’s ₹1.75 lakh crore disinvestment target set for the upcoming financial year.
Anil Agarwal-led Vedanta Group and private equity players like Apollo Global, and I Squared Capital have expressed their interests in BPCL.