Numaligarh Refinery Ltd signs MoU with EIL to expand research activities

06 Apr 2022 CW Team

Numaligarh Refinery Limited (NRL), an Assam-based company, signed a Memorandum of Understanding (MoU) with Engineers India Limited (EIL) for expanding research activities.

Engineers India Limited owns a 4.37% stake in Numaligarh Refinery Ltd, and the MoU would result in higher synergies between these two well-known Oil & Gas Public Sector Enterprises (PSEs) in terms of developing and licencing indigenous technologies, contributing significantly to the vision of Atmanirbhar Bharat.

Sr.CGM (CA) NRL, N Borthakur, and Executive Director (R&D) EIL, Rajib Aggarwal, signed the MoU.

NRL also handed over a check for Rs. 95.63 crore to the Government of Assam for its 26% equity investment in the firm for the fiscal year (FY) 2021-22.

Before 16th March 2022, NRL board directors approved the payment of the 2nd interim dividend for FY2021-22 at 50% on the paid-up share capital of Rs.735.63 crore to the shareholders based on the company's profit up to the third quarter ending 31st December 2021.

As a result, the Government of Assam would receive Rs.95.63 crore in dividends for its 26% shareholding.

On November 29, 2021, the Government of Assam received the first interim dividend for the FY 2021-22 for Rs 86.35 crore as part of its equity holding of 23.48% of the paid up share capital of Rs.735.63 crore.

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