Bongaigaon Refinery to merge with Indian Oil

The government of India has approved a proposal for merging Bongaigaon Refinery and Petrochemicals into its parent company, the state-run Indian Oil Corporation (IOC), according to media reports.

IOC gets govt nod for merger on Wednesday. IOC owns about 74 per cent in BRPL. The amalgamation will be effective from March 25 following order with the registrar of companies in Shilong and Mumbai.

Shareholders of BRPL will get four shares of IOC for every 37 shares they held. The merger follows the government's decision to sell its stake in BRPL and Chennai Petroleum Corp Ltd to IOC.