Assam cabinet approves Rs 8.23 bn investment in Numaligarh refinery

It was announced that the government of Assam planned to invest an additional equity amount of Rs 8.23 billion in the expansion project of Numaligarh Refinery (NRL). The approval for this investment was granted during a state cabinet meeting held on June 24, 2023. The investment would be made through the issuance of additional equity shares to the state government. The government would release Rs 2.05 billion as the first tranche of additional equity, which was part of the total right shares worth Rs 8.23 billion. NRL had undertaken a significant expansion project with an estimated cost of Rs 280.26 billion. The project aimed to expand the refinery's capacity from three million tpa to nine million tpa. Additionally, it included the laying of a 1,398-km crude pipeline from Paradeep to Numaligarh and a 605-km product pipeline from Numaligarh to Siliguri. It was anticipated that the proposed expansion project of NRL would attract an investment of Rs 7.28 trillion in the state. Also read: Amazon to Invest $15 Billion in India by 2030L&T, DRDO ink deal for Scorpene submarines' AIP modules