Can someone shed more light on Engineers India’s Numaligarh refinery bid?
I understand Engineers India and Oil India consortium has bid for over 48% stake in Numaligarh which I believe is worth approximately 5500 crores.
Engineers India takes minority position.
My questions
- Minority position is what percentage? Did Engineers India management shed any light on this.
- Numaligarh refinery financials?
Engineers India can mostly fund this bid from internal cash reserve.
Interesting development.
Edit: Just saw this. BPCL Expects To Complete Numaligarh Refinery Stake By March-End
and https://www.nrl.co.in/UPLOAD/NRL_Financial_Ad_Consolidated.pdf
The financials appear very solid for Numaligarh Refinery.
Disclosure: Invested.