Bharat Petroleum Corporation of India's (BPCL) board has approved the joint venture (JV) agreement with Oil India to develop a city gas distribution (CGD) project in Arunachal Pradesh.

BPCL's Board of Directors held a meeting regarding the same on 25 October, 2024. The agreement will be entered into in due course after the receipt of necessary approvals. The shareholding in the JV is 50 percent each for BPCL and Oil India, while up to 10 percent shareholding may also be offered to the state government or its nominee if participating.

The authorised share capital of the proposed JV company will be Rs 125 crore, comprising 12.5 crore shares of Rs 10 each. The paid-up capital of the proposed JVC will be Rs five crore.