BPCL- Outcome of Board Meeting

Bharat Petroleum Corporation Ltd (BPCL) has informed that the Board of Directors of the Company at its meeting held on November 29, 2007, has approved a proposal for acquisition of 53,50,110 equity shares of Oil India Ltd (OIL) which is 2.50% of OILs pre-issued paid up capital from Govt of India at a price equivalent to the Issue Price of the equity shares that are proposed to be offered by OIL to the public in accordance with the Book Building method.

The sale and purchase shall be completed within forty eight hours after the Issue Price is determined through the Book Building method and approved by the Board of directors of OIL. The Closing shall be completed prior to Allotment of the equity shares to the public through the initial public offering.