Business Daily from THE HINDU group of publications
Friday, May 18, 2007
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Business Daily from THE HINDU group of publications Friday, May 18, 2007 ePaper |
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Corporate
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Alliances & Joint Ventures States - Other States
Our Bureau
New Delhi May 17 GAIL (India) Ltd and Hindustan Petroleum Corporation Ltd (HPCL) on Thursday signed a joint venture agreement for city gas distribution projects in Rajasthan. This will be the third joint venture between the two State-owned companies and GAIL's ninth joint venture for city gas distribution projects in India. The new joint venture will enable use of compressed natural gas (CNG) and piped natural gas (PNG) in Rajasthan for automotive and domestic use. It will have 22.5 per cent equity holding each by GAIL and HPCL, five per cent by the State Government or its nominee and 50 per cent by strategic investors/ public/ financial institutions, a statement issued by GAIL said. The company will start operations in Kota for which GAIL has prepared a detailed feasibility report. GAIL's Vijaipur-Kota pipeline is operational already and the Kota city gas project will source its gas though this pipeline, the company said. Dr U.D. Choubey, Chairman and Managing Director, GAIL said city gas distribution would be the next high-growth area in gas markets. He hoped that the joint venture for Rajasthan would blaze a similar trail of success. He called upon officials of both companies to expedite the city gas project in Rajasthan to derive the first-mover advantage.
More Stories on : Alliances & Joint Ventures | Petroleum | GAIL (India) Ltd | Hindustan Petroleum Corporation Ltd | Other States
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