Assam Govt's Stake in NRL to Rise from 12.35% to 26%

GUWAHATI: Assam state Finance Minister Himanta Biswa Sarma is presenting the final budget of BJP led Government on March 6.

Presenting the budget the minister said that the equity holding of Assam Government in Numaligarh Refinery Limited (NRL) will increase from existing 12.35% to 26%.

It is to be mentioned that earlier, Managing Director, Numaligarh Refinery Limited (NRL) SK Barua presented the company’s interim dividend amounting to Rs 136 crore to chief minister Sarbananda Sonowal.

Himanta said, "We have decided to acquire 13.65% additional stake. Accordingly, a sum of Rs.1500 Crore in this Budget 2020-21 has been allocated for the extra stake in Numaligarh Refinery Ltd (NRL)."

Further he added, “The idea behind increasing our stake is to ensure that NRL remains a public sector undertaking in the long term and becomes an engine for growth for the State, especially given its plan to expand to 9 Million Metric Tonne Per Annum (MMTPA) from the present 3 MMTPA capacity.”

It is to be mentioned that Numaligarh Refinary Ltd (NRL) is one of the most important Public Sector Undertakings (PSU) in the country today. Assam has an emotional connect with this PSU for; it has its origin in the tenets of the Assam Accord.