Bharat Petroleum Corporation Limited (BPCL) announced that its board has recently approved a joint venture (JV) agreement with Oil India Limited (OIL) to establish a CGD network in Arunachal Pradesh. The JV will manage the supply, distribution and marketing of CNG, PNG and liquefied natural gas (LNG), in addition to related retail operations in Arunachal Pradesh. Under the agreement, BPCL and OIL will each hold a 50 per cent stake in the JV. Additionally, the Arunachal Pradesh government may acquire up to a 10 per cent share if it expresses interest, with BPCL and Oil adjusting their equity stakes equally. The proposed JV company will have an authorised share capital of Rs 1.25 billion, consisting of 0.125 billion shares valued at Rs 10 each. The initial issued, subscribed and paid-up capital for the JV is set at Rs 0.05 billion.
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