Central government allows GAIL to exit from Cochin Port Trust SEZ: Report

03 Mar 2020 Evaluate

The Central government has reportedly allowed GAIL (India) to exit as a unit from the Cochin Port Trust Special Economic Zone (CSEZ) in Puthuvypeen, Ernakulam, after repaying duty benefits it has availed so far. The company failed to meet the requirement of being a net foreign exchange earner (NFE).

The Cochin Port Trust, developer of the SEZ, and the three co-developers - Petronet LNG, Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOCL) - have been given a year’s time to bring another unit into the zone that has a direct relationship with their activities, failing which the zone will lose its SEZ status. It is necessary for a new unit to come up after the exit of GAIL as it was the only operational unit in the SEZ. Without a functional unit, the zone will cease to exist.

GAIL India is India’s principal Natural Gas Company with activities ranging from Gas Transmission and Marketing to Processing (for fractionating LPG, Propane, SBP Solvent and Pentane); transmission of Liquefied Petroleum Gas (LPG); production and marketing of Petrochemicals like HDPE and LLDPE and leasing bandwidth in Telecommunications.

GAIL India Share Price

181.50 1.25 (0.69%)
28-Mar-2024 16:01 View Price Chart
Peers
Company Name CMP
GAIL India 181.50
Petronet LNG 262.10
Linde India 6409.35
Confidence Petroleum 84.00
Refex Industries 133.80
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.