Bharat Oman Refinery (BORL), the joint venture company of Bharat Petroleum Corporation Ltd and Oman Oil Company (OCC)?is planning an initial public offering (IPO) by March 2008 to raise around Rs 2,000 crore.
The company, which is setting up a six million tonne per annum refinery at Bina in Madhya Pradesh. BPCL and Oman Oil currently hold equal stake in BORL. ?A total of 48% stake would be offered to the public by March next year,? said BPCL chairman and MD Ashok Sinha.
After the public offer, BPCL will hold 48% stake, Oman Oil will hold 3% and the remaining stake will be held by the government of Madhya Pradesh.
The implementation of the project for setting up the refinery is progressing smoothly. Bharat Oman Refineries, the joint venture vehicle implementing the project, has assumed a challenging target of December 2009 for mechanical completion of the refinery, he said.