News Karnataka
Tuesday, December 05 2023
Business News

Assam’s Numaligarh Refinery inks with EIL for expanding research

Photo Credit : IANS

Guwahati: The state-owned Numaligarh Refinery Limited (NRL) in Assam on Saturday signed a Memorandum of Understanding (MoU) with Engineers India Limited (EIL) for increasing research activities, NRL officials said.

NRL sources said the EIL holds a 4.37 per cent stake in it and this MoU will lead to greater synergy between these two reputed oil and gas public sector enterprises to develop and license indigenous technologies, contributing significantly to the vision of ‘Atmanirbhar Bharat’.

The deal was signed by senior Chief General Manager of NRL, N. Borthakur and Executive Director (Research and Development) of EIL, Rajib Aggarwal.

The NRL also deposited the second interim dividend of Rs 95.63 crore to the Assam government for the financial year 2021-22 for its equity stake of 26 per cent in the company.

The NRL paid first interim dividend of Rs 86.35 crore for the 2021-22 fiscal to the Assam government as a part of its equity holding of 23.48 per cent of the paid-up share capital of Rs 735.63 crore on November 29, 2021.

The NRL, one of the four refineries in oil and gas-rich Assam, was set up at Numaligarh in Golaghat district in accordance with the provisions made in the Assam Accord signed on August 15, 1985.

It was conceived as a vehicle for speedy industrial and economic development of the region.

The NRL was dedicated to the country by former Prime Minister late Atal Bihari Vajpayee on July 9, 1999.

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