IOCL Forms JVC For Natural Gas Pipeline Grid In North East
Indian Oil Corporation Limited (IOCL) has informed that the board of directors of the company at its meeting accorded approval for formation of Joint Venture Company (JVC) between lndianOil, GAIL (India) Limited, Oil & Natural Gas Corporation Limited, Numaligarh Refinery Limited and Oil India Limited with 20% equity holding by each company for development of the Natural Gas Pipeline Grid in the North East connecting Guwahati to other major cities in the North East.
The Board at present has accorded approval for Initial Equity Contribution of Rs. 2 crore in the Equity Capital of the JVC. The approval accorded by the board is subject to the concurrence of NITI Aayog for the formation of JVC.