Roydad Naft News Agency – 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.

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.