The Assam government to raise its stake in the Numaligarh Refinery Limited from its existing 12.35 percent to 26 percent.
It was decided in the recently held cabinet meeting in Guwahati headed by CM Himanta Biswa Sarma.
Assam had invested Rs 90.80 crore that amounted to 12.35 percent against which, the government has received a dividend of Rs 1235.34 crore so far.
“We have decided to increase the state stake to 26 percent that will require another Rs 2187 crore to be invested of which, Rs 500 crore has already been procured from last term’s coffer while the finance minister (Neog) has been asked to release another Rs 1687 crore. This will provide a dividend of Rs 900 crore that will make the government financially stronger,” said Industry Minister Chandra Mohan Patowary.
The total income of NRL in 2019-20 was ₹14,244.29 crore or 4.29% of the consolidated total income of BPCL. The consolidated net worth of NRL as of March 31, 2020, was ₹5,292 crore, which is 14.18% of the consolidated net worth of BPCL.
Numaligarh Refinery is popularly known as the Accord Refinery and is the largest among the four refineries operating in Assam. The refinery was set up as per Clause 7 of the Assam Accord signed in 1985.