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19 October, 2018 21:46 IST
Dilip Buildcon alters main object of MoA for engagement with IOCL
Source: IRIS | 10 Oct, 2018, 11.54AM
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Dilip Buildcon announced the alteration in the main object clause of the Memorandum of Association of the company to start new business activity-

> To carry on the business of purchase and sale of petroleum and petroleum products.

> To act as dealers in and distributors for petroleum companies.

> To run service station for repair and servicing of automobiles and to manufacture or deal in fuel oils, cutting oils and greases

> To explore, develop, produce, purchase or otherwise acquire petroleum crude oil, natural gas, all kinds of hydrocarbons and mineral substances, both onshore, within the territorial jurisdiction of the Indian Union and anywhere in the World.

Dilip Buildcon (DBL) has its own Consumer pumps at all of their sites and Indian Oil Corporation (IOCL), being the major supplier of fuel, has proposed to build a brand new model fuel station at one of the sites at their cost. As a routine engagement, DBL will not run this as a business activity and will only act as a service provider. The inclusion of the above clause is generic and does not mean that DBL shall enter into these businesses. Would like to inform that all investments on the gas station and its allied infrastructure like food stalls, restaurants etc. will be funded by IOCL. It will not affect any day to day operations.

Shares of the company gained Rs 548.75, or 0%, to trade at Rs 548.75. The total volume of shares traded was 27,366 at the BSE (11.43 a.m., Wednesday).

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