Cabinet approves restructuring shareholding in Numaligarh Refinery

New Delhi, June 2 (UNI) The Cabinet Committee on Economic Affairs (CCEA) at its meeting held here today approved the restructuring of shareholding in the Assam based Numaligarh Refinery Limited (NRL) by enhancing the stake of Oil india Limited (OIL).

Breifing newsperson, Parliamentary Affairs Minister Priya Ranjan Dasmunshi said with this the NRL's equity holding will go upto 26 per cent by transferring 12.34 per cent of NRL equity from Oil Industry Developemnt Board (OIDB) and 1.31 per cent of NRL equity from BPCL.

He said OIL will make a total investment of Rs 252.10 crore in respect of these transactions.

He said the re-structuring will help the three PSU's namely OIL, NRL and BPCL to exploit their synergies better for improved performance. It will enable OIL to become a vertically integrated exploration and production company.

This will also safeguard crude oil availability to NRL, he added.

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