GSPL receives Ministry of Corporate Affairs nod for providing depreciation at the rate of 3.17% per annum

Gujarat State Petronet (GSPL) has obtained the permission of Ministry of Corporate Affairs for providing depreciation at the rate of 3.17% per annum on Pipelines based on useful life of 30 years with effect from April 01, 2011 which as against the present depreciation being charged at the rate of 4.75% per annum on SLM method. The company has also been granted permission for writing off the deprecation to the extent of 95%.

The company’s net profit for the quarter ended December 31, 2010 has registered growth of 37.94% at Rs 159.13 crore as compared to Rs 115.36 crore for the quarter ended December 31, 2009. Its total income for the December quarter of the year 2010 has increased by 4.70% at Rs 284.55 crore from earlier of Rs 271.79 crore in the corresponding quarter of the previous year.

Gujarat State Petronet is a subsidiary Gujarat State Petroleum Corporation (GSPC). It has the taken initiative in developing energy transportation infrastructure in Gujarat and connecting major natural gas supply sources and demand markets.