Oil India board approves Rs 17.38 bn investment in NE gas distribution

06 Sep 2023 CW Team

Oil India (OIL) announced that it had obtained board approval for its equity investment in the joint venture company, the North East Gas Distribution Company (NEGDCL), established in collaboration with Assam Gas Company (AGCL). The approved investment amount is up to Rs 17.38 billion.

This strategic investment aligns with Oil India's 49% shareholding in NEGDCL, marking a significant advancement in the execution of city gas distribution (CGD) projects.

The board of directors of Oil India convened a meeting to discuss the equity contribution and unanimously approved the allocation of funds.

In the June quarter, Oil India reported a 4% increase in net profit due to increased production, which offset a decline in prices. The company stated that in the first quarter of the current fiscal year, it achieved a net profit of Rs 16.13 billion, compared to Rs 15.55 billion in the same period the previous year.

According to the company's statement, this growth was driven by a 5.3% increase in crude oil production, reaching 0.820 million tonnes in Q1 of FY24, compared to 0.729 million tonnes produced in Q1 of the previous fiscal year. This increase was accompanied by reduced operating costs.

The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin for the period ending June 30, 2023, rose to 53.49%, compared to 44.76% in the same period last year, reflecting a 19.51% increase.

Also read:
Power ministry pushes for GST cut on hydropower project components
GMR subsidiary wins Rs 51.23 bn smart meter project in Uttar Pradesh

Infrastructure Urban

09 Jan 2026

Mount Invests Rs 250 Cr, Adds PUF & PEB Plants, 400+ Jobs

TUMKUR, Karnataka, January 8, 2025 - Mount Roofing & Structures Private Limited, one of India's fastest-growing manufacturers in PUF and a leading solutions provider across Pre-Engineered Building (PEB) and Polycarbonate sheets, simultaneously inaugurated its second fully automated continuous Sandwich Panel manufacturing line and a new PEB manufacturing plant at its integrated campus in Tumkur." The milestone expansion, part of a total investment of INR 250 crores, marks a significant advancement in the company's commitment to engineered performance, manu..

Titan Intech Strengthens UltraLED Push With Global LED Veteran

Titan Intech has announced the induction of global LED industry veteran Su Piow Ko to its Board of Directors, marking a strategic step in strengthening its UltraLED Displays roadmap and building globally competitive LED display solutions from India.The appointment aligns with Titan Intech’s ambition to position India as a hub for advanced, high-quality LED display manufacturing. With an increased focus on UltraLED Displays, the company aims to enhance technical governance, raise manufacturing standards and expand its presence across global markets.Su Piow Ko brings over three decades of inte..

Dun & Bradstreet Flags New Growth Engines in India 2026 Outlook

Dun & Bradstreet has released its India 2026: D&B’s Perspective report, projecting a stable macroeconomic environment underpinned by fresh opportunities for productivity-led and inclusive growth. The report outlines how India’s next growth phase will be driven by digitised logistics, trusted data ecosystems, clean energy and rising city vitality.According to the outlook, India’s GDP growth is expected to reach around 6.6 per cent by FY2027, supported by resilient consumer demand and sustained public investment. Manufacturing is seen entering a new phase, moving beyond scale towar..