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Oil India incorporates JV firm in Assam
Oil India said it incorporated a joint venture company, Purba Bharati Gas, in Assam on 19 November 2019. The joint venture company was formed pursuant to a joint venture agreement dated 11 July 2019, between Assam Gas Company, Oil India, and GAIL Gas for development of city gas distribution (CGD) network in Kamrup & Kamrup Metropolitan (Guwahati) and Cachar, Hailakandi & Karimganj districts in Assam. The announcement was made post trading hours on Friday, 22 November 2019.
The consortium of Assam Gas Company, Oil India and GAIL Gas (48%:26%:26%) won the bids for development of CGD network in Kamrup & Kamrup metropolitan districts and Cachar, Hailakandi and Karimganj districts, under 9th round of CGD bidding. Letter for grant of authorisation from Petroleum and Natural Gas Regulatory Board (PNGRB) was received in September 2018. Shares of Oil India ended 0.68% lower at Rs 153.90 on Friday.
Oil India’s consolidated net profit fell by 38% to Rs 6.6153 billion on a 14.3% decline in net sales to Rs 32.2120 billion in Q2 September 2019 over Q2 September 2018. The company is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of liquid petroleum gas. It is the second largest hydrocarbon exploration and production Indian public sector company with its operational headquarters in Duliajan, Assam, India.
The company is a state-owned Navratna under the administrative control of India’s Ministry of Petroleum and Natural Gas. As on 30 September 2019, the Government of India held 59.57% stake in the company. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi on Wednesday, 20 November 2019, approved cutting government’s stake in select PSUs below 51% while retaining management control.
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