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Engineers India's board approves to buy 4.37% in Numaligarh Refinery

Aug 25, 2023

By: BlinkX Research Team

Engineers India's board of directors has approved the acquisition of a 4.37 percent equity stake in Numaligarh Refinery (NRL).

Engineers India stated in a stock exchange filing on August 24 that it will purchase 1.26 crore equity shares in the Guwahati-based Numaligarh Refinery at a price of Rs 110 per share. The approximate amount of the acquisition cost is Rs. 138 crore. The cost of acquiring the share per share is similar to the amount that the Assam government determined to pay in June 2023 to buy a stake in the Numaligarh refinery.

Engineers India is an engineering consulting company that provides design, engineering, procurement, construction, and integrated project management services for the infrastructure, water and waste management, solar and nuclear power, fertiliser, oil and gas, petrochemical, and fertilizer industries.

Source: Media Reports