5 Sep 2023 , 11:50 AM
Oil India Ltd’s shares traded up nearly 1.8 % on the NSE on September 5. The rise comes after the company’s board approved an equity contribution of Rs 1,738 crore in North East Gas Distribution Company Limited (NEGDCL), a joint venture with Assam Gas Company Ltd. Oil India holds a 49 % stake in NEGDCL.
NEGDCL was established in July 2023 to create local natural gas grids and provide piped natural gas to domestic and commercial establishments in several Assam districts and Tripura.
As part of the deal, Oil India will also establish compressed natural gas (CNG) stations. Oil India is a central public sector operating in the exploration, development, and production of crude oil and natural gas under the Ministry of Petroleum and Natural Gas. It recently received ‘Maharatna’ status, granting it certain investing benefits and greater autonomy in decision-making.
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