Gail (India) Ltd, India’s principal natural gas companies and Iffco, the world’s largest manufacturers and marketer of fertilisers in the cooperative sector, have entered into an agreement for co-operation in gas sector projects and related opportunities here. This would include setting up of a gas-based power project. This MOU is described as a milestone development of its kind, where a key raw material supplier and the consumer have joined hands.
Under the co-operation agreement, both companies would evaluate the potential of setting up a gas-based power power plant and other industries including chemicals, fertilisers, compressed natural gas and piped natural gas (PNG) in India besides exploring the possibility of sourcing natural gas/LNG for the identified projects.
The feasibility study for identified projects would be carried out by Gail and Iffco jointly. Subsequently, based on techno-economics of the project, a Joint Venture (JV) company between Gail and Iffco would be formed for implementing the projects.
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