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GAIL's investment proposal in WB to take some time

01 Jul 2011 Evaluate
GAIL (India), the country’s biggest gas marketer’s proposal for investment in West Bengal will be submitted by the company after a few more meetings, the state industry ministry stated. After the CMD of the company met with Chief Minister of state, two meetings have been arranged and held with officials of GAIL India. Two more meetings will be held at official level of both sides and then GAIL will submit the proposal.

GAIL (India) revived their seven-year proposal to bring gas and proposes to bring Hazira-Bijapur-Jagdishpur gas pipeline to Haldia and acquire Greater Calcutta Gas Supply Corporation and was supposed to submit their proposal two weeks ago.

Recently, GAIL (India) had signed a Memorandum of Understanding (MoU) with UJVN for evaluating the potential of setting up of gas based combined cycle power plants in Haridwar and Kashipur in Uttarakhand under joint venture route. Uttarakhand is facing power shortage and no new hydro plant is coming due to environmental issues and for improving availability of power in the state, UJVNL intends to set up 300 to 500 MW gas based power plants at Kashipur and Haridwar.

GAIL’s net profit for the fourth quarter has declined 14.03% at Rs 783.07 crore as compared to Rs 910.82 crore for the quarter ended March 31, 2010. Its total income has soared by 34.34% at Rs 8961.41 crore for the quarter under review from Rs 6670.69 crore in the corresponding previous quarter.

GAIL India Share Price

165.60 0.65 (0.39%)
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Company Name CMP
GAIL India 165.60
Gujarat Gas 383.05
Indraprastha Gas 164.55
Mahanagar Gas 1129.20
Adani Total Gas 627.00
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