The State-run Oil India Ltd will raise its stake in Numaligarh Refinery Ltd to 26 per cent to strengthen its position as an integrated oil company.
OIL, which holds 12.35 per cent in NRL, will buy 12.34 per cent equity stake of Oil Industry Development Board and 1.31 per cent from the state-run refiner Bharat Petroleum Corporation Ltd, a government press release said in New Delhi on Thursday.
BPCL will remain the majority owner in the 3 million tonnes refinery for the time being with a 60.3 per cent stake.
"In a major initiative for the benefit of the North-East, Petroleum Minister Ram Naik has approved the restructuring of the equity of NRL in Assam," it said.
NRL has secured a license to set up its own network of 510 petrol stations.
A 26 per cent stake will give OIL more influence in managing the small refinery, to which OIL is a major supplier of crude oil.
