Northeast India’s Only English and Hindi Satellite News Channel

OIL stocks up 2% after it announces Rs 1,738 cr equity investment in NE gas distribution venture

First Published: 5th September, 2023 13:16 IST

The board of Oil India Ltd (OIL) approved the equity contribution at its meeting yesterday, the PSU informed the National Stock Exchange (NSE) in a regulatory filing

The board of Oil India Ltd (OIL) has approved an equity investment of Rs 1,738 crore in North East Gas Distribution Company Limited (NEGDCL), a joint venture between OIL and state-run Assam Gas Company Ltd. The fund infusion is expected to give a boost to NEGDCL’s piped natural gas distribution plans in Assam and Tripura and setting up of CNG stations.

“Board of Directors of the Company at its meeting held today i.e. on Monday, 04th September, 2023, has accorded its approval for equity contribution of upto Rs. 1738 Crore by Oil India Limited (OIL) in line with OIL s shareholding percentage [49%] in the Joint Venture Company (JVC) with Assam Gas Company Limited (AGCL) [51%] viz. ‘North East Gas Distribution Company Limited (NEGDCL)’ [a State Govt. Company], incorporated for executing the City Gas Distribution (CGD) projects,” the regulatory filing on NSE said.

OIL stocks gained close to 2% in early morning trade today, post the announcement. Oil India’s shares were trading at 1.8% higher on the NSE in the opening hours of trade today.

Public sector undertaking, Oil India Limited, holds 49 percent shareholding in NEGDCL. The remaining 51 percent stake in the JV is held by Assam Gas Company. NEGDCL was incorporated in July this year for the distribution of piped natural gas in the Northeastern states.

As per the agreement inked by OIL and Assam Gas Company in April this year, NEGDCL would build local natural gas grids and provide piped natural gas to domestic and commercial establishments in Lakhimpur, Dhemaji, Darrang, Udalguri, Sonitpur and Biswanath Chariali in Assam, and a few districts of Tripura. NEGDCL will also set up numerous compressed natural gas (CNG) stations. The investment is expected to give a boost to NEGDCL’s plans.

Also Read: Teachers’ Day: President Murmu to confer award to 75 teachers from schools, colleges, govt institutes today



Assam down town University collaborates with 19 Polytechnics for Educational Excellence and Innovation

This significant event marks a collective commitment to fostering educational excellence and innovation.

25th May 2024
PWD gets down to repair road after auto drivers try to fix it on their own

New Kunjung, Moulpong, Upper Bagetar, Lodi, and Zion has no alternate road other than the Upper Bagetar road that has been in a bad shape for over 5 years

25th May 2024
Guwahati girl Meenakshi Das on a solo bike ride across the globe, traverses through 28 countries so far including UK

Meenakshi's journey so far is not only a mere task for setting records, but it is something which will surely inspire everyone on how to fulfil one's ambitions even if there are obstacles.

24th May 2024
St Paul’s Institute in Churachandpur achieves 95% pass percentage in HS Results 2024, rated as one of the highest in Guwahati Zone

A total of 186 students of the Institute appeared for the Higher Secondary examination.

24th May 2024
Assam: Diarrhea claims 11 lives in Tinsukia, Japanese encephalitis kills 3 minors in Jorhat

To try and contain the diarrhea outbreak, the tea garden officials in Tinsukia imposed a ban on the sale of meat and fish.

23rd May 2024