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Oil India Ltd has submitted an expression of interest to buy 51 per cent stake in billionaire Mr Mukesh Ambani's Reliance Gas Transportation Infrastructure (RGTIL).
“We have submitted the EoI last month. It is still at a preliminary stage. The owners have not given us the data to carry out due diligence,” said Mr T. Ananthkumar, Director Finance, Oil India.
Recent reports said, 11 companies, including GAIL (India), have bid to buy stake in RGTIL.
RGTIL was incorporated in March 2003 to transport natural gas from eastern offshore gas fields to consumption centres. Originally, it was a subsidiary of Reliance Industries Ltd, however, subsequently, it was transferred to Mr Mukesh Ambani, Chairman of RIL.
RGTIL operates a 1,396-km East-West gas pipeline from Kakinada in Andhra Pradesh to Bharuch in Gujarat. It transports natural gas from KG-D6 fields.
Oil India reported its fourth quarter 2011-12 net profit at Rs 444.81 crore. This is down 20.93 per cent from Rs 562.61 crore in the same period last year. According to the company, this was mainly due to shouldering higher subsidy burden to offset losses incurred by public sector oil marketing companies for selling petroleum products below market price.
In the fourth quarter, the company extended subsidy of Rs 2873.65 crore, up 79 per cent against the same quarter last fiscal.
Oil India board has recommended a final dividend of Rs 5 for each equity share.
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