Guwahati (Assam) [India], July 7 (ANI): In a significant milestone, the Numaligarh Refinery Limited (NRL) in Assam has been upgraded from ‘Schedule B’ to ‘Schedule A’ category Central Public Sector Enterprises by the Centre.
The upgradation to ‘Schedule A’ was notified by the Ministry of Petroleum and Natural Gas on July 4, 2023.
The upgradation to Schedule A will now make NRL eligible to achieve the status of Navratna which in turn will give higher financial autonomy.
This will allow the company to undertake larger and more complex projects, and take speedy decisions in creating joint ventures, strategic partnerships, and special-purpose vehicles for strategic growth.
The Navratna companies have the autonomy to invest up to Rs 1,000 crore without seeking approval from the central government.
The Assam government has a 26 per cent stake in NRL.
NRL ranks among the top 20 CPSEs in India, both in terms of sales revenue and profitability. Among the Indian PSU refineries, NRL in Assam is considered a high-performing refinery.
Notably, marking its international presence, NRL has commenced the export of petroleum products to the neighbouring countries in promoting the government’s Act East Policy.
NRL is the largest refinery in northeast India, with a capacity of 3 million metric tonnes per annum (MMTPA) and is currently implementing a mega refinery expansion project to triple its refining capacity to 9 MMTPA along with laying a trans-national crude oil pipeline from Paradip in Odisha.
NRL is currently implementing projects involving investments to the tune of Rs 35,000 crores in the region and is recognised as one of the largest investments in the oil and gas sector.
Congratulating NRL for the achievement, Assam Chief Minister Himanta Biswa Sarma said, “This recognition is also a thumping endorsement of Assam Government’s decision to enhance its shareholding in the NRL. With its world-class infrastructure, NRL is fast emerging as a major refining destination.” (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.