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OIL Inks JV Pact for Construction of North-East Gas Grid Pipeline

Oil India (OIL) has signed a joint venture (JV) agreement at Guwahati on 20 July 2018 in connection with formation of a JV company for construction of North-East gas grid pipeline in the eight North-Eastern states, viz. Assam, Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland, Tripura and Sikkim.

 

The proposed JV company will have equal equity contribution from all the five PSU JV partners. Oil India reported net profit of Rs 866.50 crore in Q4 March 2018, steeply higher than net profit of Rs 19.31 crore in Q4 March 2017. Net sales rose 19.4% to Rs 2998.44 crore in Q4 March 2018 over Q4 March 2017.

 

Oil India is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. Oil India also provides various E&P related services and holds 26% equity in Numaligarh Refinery. The Government of India held 66.133% stake in Oil India as per the shareholding pattern as on 30 June 2018.

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