Oil India Approves ₹1,738 Cr Equity Contribution In North East Gas Distribution Company

Oil lndia Limited on Monday announced that the Board of Directors of the company at its meeting held today has accorded its approval for equity contribution of upto Rs 1738 crore by Oil lndia Limited in line with OIL's shareholding percentage (49 percent) in the Joint Venture Company (JVC) with Assam Gas Company Limited (AGCL) (51 percent) viz 'North East Gas Distribution Company Lirruted (NEGDCL)' (a State Govt. Company), incorporated for executing the City Gas Distribution (CGD) projects.

Under the agreement signed by OIL and Assam Gas Company in April, NEGDCL is set to construct regional natural gas networks and supply piped natural gas to residential and commercial properties in Assam's Lakhimpur, Dhemaji, Darrang, Udalguri, Sonitpur, and Biswanath Chariali, as well as several districts in Tripura.

On September 4, 2023, the Board of Directors of Oil India Ltd convened a meeting to discuss the equity contribution, and approved the allocation of funds.

Oil lndia Limited shares

The shares of Oil lndia Limited on Monday at 3:30pm closed at Rs 278.50, up by 2 percent.