Dilip Shanghvi-promoted Sun Petrochemicals have joined the race for Assam Oil Company, reported LiveMint.

According to the report, sources close to the development said that Sun’s bid is a package deal which includes a tea garden, the Amguri oil field and a hydrocarbon and SEZ asset held by Assam Co. India Ltd.

Earlier, the National Company Law Tribunal (NCLT) had ordered commencing insolvency resolution of ACIL.

As per reports, the Amguri field in the Assam-Arakan basin is held by Assam Oil Company, ACIL’s oil and gas division. The field, as per the report was closed in December 2010 and the government had handed it over to the Oil and Natural Gas Corporation Ltd (ONGC) in 2011.

However, the final turn of events took place after the RBI scrapped all prevailing loan restructuring mechanisms, and asked banks to implement resolution plans for loan accounts with dues of over RS 2,000 crore within 180 days.

First Published:Aug 17, 2018 1:36 PM IST