BPCL’s Numaligarh Refinery Stake Sale – A Step Closer To Divestment: Prabhudas Lilladher

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Prabhudas Lilladher Report

Bharat Petroleum Corporation Ltd. board approved the sale of 61.65% stake in Numaligarh Refinery to a consortium of Oil India Ltd., Engineers India Ltd. and Government of Assam for an enterprise value of Rs 160 billion.

The transaction values Numaligarh at price/earning of 8 times/10 times and EV/E of 5 times/8 times FY19/20 respectively.

The transaction is likely to be closed within a month of getting all the approvals.

This is in line with the company’s management commentary to close the transaction by Q4 FY21 end.

Proposed stake sale is a precursor to eventual divestment of BPCL, which will likely conclude by H1 FY22E.

Click on the attachment to read the full report:

Prabhudas Lilladher BPCL NRL Update.pdf


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