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The exploration was using up money, so to raise more capital in 1899 a new company , the ‘Assam Oil Company’ came into being and took over the old company’s concessions. The new company had its headquarters at [[Digboi}} where the oil fields had proved to be more productive than that around Makum. The new company also took over the ‘Assam Oil Syndicate’. Lord Ribblesdale, the chairman of the ‘Assam Railway and Trading Company’ became the first Chairman of the ‘Assam Oil Company’. The ‘Assam Railway and Trading Company’ held a large number of shares in the new company and the boards were connected. The new company moved its refining facilities to [[Digboi]] <ref name=Birney/>.
The works were taken over in 1899 by the ‘Assam Oil Company’, which was formed with a capital of £310,000. A large refinery was built at [[Digboi]], which in 1903 gave employment to 10 Europeans and 569 local staff, the output in that year was 1.2million gallons (5.4million ltr) and 89,000gallons(404,000ltr) of other oil plus wax and candles. The wells vary in depth from 600 to 1800 feet and the oil is forced to the surface by natural gas<ref name=ImpGaz/>.
The records show that MG locomotives were supplied to the Digboi Refinery operation from 1896 onwards <ref name =darvill/>. The extent of the track has not been determined.
