Oil India plans Rs 4,500-cr expansion

Kolkata: Oil India Ltd has firmed up plans to invest Rs 4,500 crore on development and expansion programmes over the next two years. The company will enter the capital market in February 2008 and offer 26.45 million shares constituting 11 per cent of its total capital to raise part of the funds required for the purpose.

This was stated here on Friday by Mr M.R. Pasrija, Chairman & Managing Director, Oil India Ltd, while talking to newspersons on the sidelines of a regional conference of the Institute of Chartered Accountants of India.

Mr Pasrija said most of the proposed investments would be made on the company’s domestic operations. Oil India has interests in oil, natural gas and LPG in Assam, Rajasthan and Arunachal Pradesh. Overseas, the company has oil and gas blocks in Libya, Nigeria, Yemen, Iran, and Sudan.

Mr Pasrija said Oil India would enter the capital market in February 2008 with an offer of up to 26.45 million shares constituting 11 per cent of its capital at a price that would be decided through the book building route. Of this, 24.05 million shares would be offered to the public.