Business   

GAIL mulls Rs. 20,000 cr. investment

By Our Special Correspondent

NEW DELHI APRIL 2. The Gas Authority of India (GAIL) today outlined its plans to invest Rs. 20,000 crores over the next five years even as it recorded a 32 per cent rise in net profit at Rs. 1,565 crores in 2002-03. The turnover has also risen by 11 per cent to Rs. 11,763 crores from Rs. 10,553 crores.

Disclosing this here today, Proshanto Bannerjee, chairman and managing director, said the higher turnover was due to hike in volumes of gas handled from the Krishna Godavari basin fields, rise in polymer and LPG sales, LPG handling through the Jamnagar-Loni LPG pipeline system and sales of other liquid hydrocarbons. He said the GAIL board had approved the Rs. 647 crore UPPC expansion project for increasing the ethylene capacity to 4.4 lakh tonnes from three lakh tonnes per annum with additional cracking furnace.

Besides, he said, for creating a national green quadrilateral of pipeline network for a "clean energy corridor'' through the national gas grid, GAIL would execute a scheme that covered several critical sectors. Regarding telecom, he said Gailtel was in the process of consolidating its position in the north-western part of the country.

At the end of Phase-II project, Gailtel network cell will have a coverage of 8,000 km. interconnecting 73 cities in the northern, western and southern parts of the country, he said.

Referring to new programmes, he said the company was discussing the prospects of picking up a equity stake in Royal Dutch Shell's city gas distribution companies in Egypt. He said Shell had offered 19 per cent equity in the Fayum Gas Company and 10 per cent in Shell CNG Company in Egypt. Company officials would be visiting Cairo next week for technical, legal and financial due diligence.

GAIL has also concluded an agreement with Botas of Turkey to help it set up a city gas distribution system. Similarly, in Iran, it is assisting in setting up CNG infrastructure and marketing while also examining cooperation with the National Petrochemicals Company for joint marketing and exports of petrochemicals.

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Southern States | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• World Bank Report: India's growth prospects may suffer
• Reliance plans customer care centres
• Suzuki to work more closely with MUL
• Two-wheelers: Newer models to drive growth
• Astro Boy statue
• Hero Honda's March sales drop
• TEA resents cut in duty drawback rates
• Bhilai remains SAIL's star performer
• Vizag Port tops for the third time
• Sensex extends gains
• Tisco's steel output crosses 4 m tonne mark
• GAIL mulls Rs. 20,000 cr. investment
• Exchange rates
• Stock Market Index
• Bullion rates

Copyright © 2003, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu