In a recent development, Bharat Petroleum Corporation Limited (BPCL) board has approved joint venture (JV) agreement with Oil India Limited (OIL) for Arunachal Pradesh city gas distribution (CGD) project.
The authorised share capital of the JV would be Rs 1.25 billion. Both BPCL and OIL are each expected to hold 50 per cent stake each in the JV. However, up to 10 per cent stake is likely to be offered to the state government or its designated nominee if expresses interest.