Oil India gains 2% as board clears equity contribution in NE Gas Distribution Company

NEGDCL was set up to build local natural gas grids and provide piped natural gases for domestic and commercial establishments in the North-East.

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Shares of Oil India Ltd traded 1.8 percent higher on the NSE in the opening hours of September 5, a day after it its board cleared an equity contribution in North East Gas Distribution Company Limited (NEGDCL), a joint venture with the state-run Assam Gas Company Ltd.

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According to the regulatory filing, the Oil India board approved an equity contribution of Rs 1,738 crore in North East Gas Distribution Company Limited (NEGDCL). Oil India, a central public sector undertaking, holds 49 percent stake in NEGDCL.

Incorporated in July 2023, NEGDCL was set up to build local natural gas grids and provide piped natural gases for  domestic and commercial establishments in Assam’s Lakhimpur, Dhemaji, Darrang, Udalguri, Sonitpur and Biswanath Chariali districts as well as in Tripura. Under the deal, Oil India will also set up CNG stations.

Also read: Oil India approves equity contribution of Rs 1,738 crore in JV for North East gas distribution

Oil India is a central public sector undertaking engaged in exploration, development, and production of crude oil and natural gas under the  Ministry of Petroleum and Natural Gas. It was recently upgraded to  a ‘Maharatna’ Central Public Sector Enterprises (CPSE) by the government. Under this category, the boards of the companies apart from receiving certain investing benefits also have more autonomy in decision making.

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