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GAIL & IndianOil ink MoU for JV in City Gas Distribution projects in West Bengal
Posted On : 2007-04-11 21:48:55( TIMEZONE : IST )
Gail India Ltd has announced that the Company and Indian Oil Corporation Ltd have entered into an understanding for formation of a Joint Venture for City Gas Distribution projects in West Bengal. A MoU was inked on April 11, 2007 by Shri. A K Purwah, Director (Business Development), of the Company, and Shri. B M Bansal, Director (Planning & Business Development), IndianOil, in the presence of Dr. U D Choubey, CMD, of the Company, and Shri. Sarthak Behuria, Chairman, IndianOil. This will be the second joint venture of the Company and IndianOil for city gas distribution projects in India. The first JV, viz. Green Gas Ltd (GGL), is already operational in Lucknow and Agra, and is planning to expand to other cities of western UP.
Speaking on the occasion, Dr. U D Choubey expressed great pleasure in having IndianOil as a cooperation partner. He said, "One of the high growth areas in gas markets in the future, particularly in the next decade, would be the city gas distribution area." Dr. Choubey further added, "We must also proactively move to other parts of India, where GAIL and IndianOil may work together".
The scope of work of the joint venture includes distribution and marketing of CNG for vehicles, and Piped Natural Gas for domestic, commercial & industrial purposes. The Company will also take up supply of Auto LPG as fuel for transport vehicles through greenfield Auto LPG Dispensing Stations.
The Joint Venture Company shall source its requirement of Natural Gas from the Company for the quantity allocated by the Ministry of Petroleum and Natural Gas. Additional gas over allocation shall be sourced from the Company and IndianOil in the ratio of 50% each. The JV Company shall source its requirement of LPG from IndianOil or its affiliates.
The new JV will have 22.5 percent equity holding each by the Company and IndianOil, five percent by the State Government or its nominee and 50 percent by strategic Investors / public / financial institutions.
