Oil India board approves Rs6,555 crore investment by subsidiary company Numaligarh Refinery; Stock up 1%

17 Mar 2022 , 09:28 AM

Oil India Limited informed the exchanges that the Board of Directors of the Company at its meeting held on March 16, 2022, has accorded its approval for Rs6,555 crore investment by subsidiary company Numaligarh Refinery Limited for implementation of petrochemical project at Numaligarh, Assam.

The board also approved the formation of a joint venture company between Assam Gas Company (AGCL) and Oil India (OIL) for the three geographical areas offered by Petroleum and Natural Gas Regulatory Board (PNGRB).

At around 9.30 am, Oil India Ltd was trading at Rs236.30 per share up by Rs2.5 or 1.07% from its previous closing of Rs233.80 per share on the BSE.

The scrip opened at Rs238 and has touched a high and low of Rs239.05 and Rs236.30 respectively.