Tata to sell 24.8 per cent stake in Nagarjuna Oil Corporation

Tata Sons Limited (TSL) and its wholly-owned subsidiary Tata Petrodyne Limited have agreed to sell their combined 24.8 per cent stake in Nagarjuna Oil Corporation Limited (NOCL) to Allied Machineries and Resources Holdings Inc. (AMR) of Ras Al Khaimah for a consideration of Rs 4.08 billion. TSL had invested Rs 2.11 billion and Tata Petrodyne had invested Rs 2 billion to buy a stake in NOCL several years ago and had since written off their investments due to the delay in the commissioning of the Cuddalore refinery. Further, in November2016, the Board of Directors of Nagarjuna Oil Refinery Limited also accorded approval to sell 46.78 per cent of its equity share in NOCL to AMR.