PSU in Focus: Oil India takes part as JV partner in Assam Valley Fertilizer and Chemical Company
Oil India Limited acquires 18% stake in Assam Valley Fertilizer and Chemical Company Ltd for Namrup IV plant. Shares trade slightly lower on BSE amid the announcement.
In line with the other PSUs forming Joint Venture for Fertilizer Plant in Assam, Oil India has also announced to be part of newly incorporated Assam Valley Fertilizer and Chemical Company Ltd (AVFCCL) in Assam. With this the shares of Oil PSU are in spotlight.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
The Joint Venture Agreement executed between Government of Assam (GoA), Oil India Limited (OIL), National Fertilizers Limited (NFL), Hindustan Urvarak & Rasayan Limited (HURL) and Brahmaputra Valley Fertilizer Corporation Limited (BVFCL), has resulted in the incorporation of the Company in the name of “Assam Valley Fertilizer and Chemical Company Limited” (AVFCCL).
Read Also : Shipping Corporation of India gets New Government Nominee Director on Board
AVFCCL has been incorporated for Setting up of a new Ammonia-Urea Complex Namrup IV Fertilizer Plant at Namrup, Assam. OIL has subscribed 18,000 Equity Shares @ Rs. 10 each amounting to Rs. 1,80,000/- and has 18% shareholding.
Shares of OIL are trading down by 1.67% at Rs 427.50 at BSE.
Read Also : RailTel Corporation Q1 Results: Net Profit rises 34.6% at Rs 66 crore