BPCL, the public sector oil company, which is making a serious bid for the stalled Nagarjuna Oil Corporation�s refinery project, has said it will not acquire the refinery company as a whole, according to a source.
Nagarjuna Oil is under the purview of the NCLT. The oil marketing company has told the Committee of Creditors it is considering an oil and gas associated project at the site in Cuddalore, South Tamil Nadu.

But BPCL has clarified it is not interested in the original proposal of a 6-million tonne refinery as planned at the coastal site, about 200 km South of Chennai.

It has baulked at the complications associated with the company and its contractors, according to the source.

BPCL stated its position at a presentation made to the Committee of Creditors on Friday. It has also not agreed to the Rs. 1,500- crore liquidation value. It has pegged the value much lower.

Other contender

The other contender Citax Ventures of UK had not paid the Rs. 10-crore bid security amount as set out under the NCLT procedure.

So its bid was not considered. It is significant that the backers of Citax Ventures are also associated with Netoil of Singapore which previously made a bid for the project but failed to bring in the funds. Nagarjuna Oil subsequently went into liquidation, according to the source.

With the April 20 deadline in the offing for a viable resolution, the NCLT appointed Resolution Professional is expected to take a call on the bid.

here is company details.

 

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