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The Assam Gasoline Firm Ltd. and Oil India Ltd. on Saturday signed an settlement for the institution of a three way partnership firm to put, construct and function metropolis pure fuel distribution networks in components of Assam and Tripura.

The settlement was signed between the 2 sides at a ceremony right here within the presence of Assam Chief Minister Himanta Biswa Sarma, an official assertion stated.

The Assam government-owned AGCL can have 51% stake, whereas the Oil India will maintain the remaining 49% share within the three way partnership firm.

It’ll construct native pure fuel grids and supply piped pure fuel to home and industrial institutions in Lakhimpur, Dhemaji, Darrang, Udalguri, Sonitpur and Biswanath Chariali in Assam, and some districts of Tripura.

The corporate will even arrange quite a few compressed pure fuel stations, the assertion stated.

Talking on the occasion, Sarma stated the signing of the settlement between AGCL and Oil India would supply a significant thrust to the continued course of of commercial growth within the state.

The JV firm, with an authorised share capital of Rs 500 crore and preliminary paid-up capital of Rs 100 crore, would show to be a milestone within the strengthening of the state’s economic system, he added.

The chief minister additionally expressed hope the JV firm would assist in the state’s endeavour to make the transition in the direction of a greener fuel-based economic system, in sync with the Northeast Hydrocarbon Imaginative and prescient 2030.

He lauded the Oil India administration for reinvesting part of its earnings in Assam and different components of the Northeast by way of initiatives such because the settlement signed at this time.

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