GAIL, China Gas form JV for business
GAIL and China Gas Holdings have entered into an alliance for pursuing opportunities in gas sector.
By INDIATIMES NEWS NETWORK |
MUMBAI: GAIL India and China Gas Holdings have entered into an alliance for pursuing opportunities in gas sector.
A 50:50 joint venture will be set up for projects in areas of compressed natural gas/city gas, coal bed methane, pipelines and liquefied natural gas in China, India and other countries.
The venture has identified CNG and CBM projects for implementation. Subsequently, more projects will be identified and implemented.
The JV will draw on GAIL’s expertise in the midstream and downstream gas sector and China Gas' track record in securing contracts.
In May 2005, GAIL India had made a strategic investment in China Gas by acquiring 210 million shares and it currently holds around 7% equity interest in China Gas.
GAIL India shares ended 0.66% lower at Rs 307.80. Intra-day, the stock touched a high of Rs 312.50 and low of Rs 305.20 clocking volume of 38,835 against two-week average of 80,916 shares.
A 50:50 joint venture will be set up for projects in areas of compressed natural gas/city gas, coal bed methane, pipelines and liquefied natural gas in China, India and other countries.
The venture has identified CNG and CBM projects for implementation. Subsequently, more projects will be identified and implemented.
The JV will draw on GAIL’s expertise in the midstream and downstream gas sector and China Gas' track record in securing contracts.
In May 2005, GAIL India had made a strategic investment in China Gas by acquiring 210 million shares and it currently holds around 7% equity interest in China Gas.
GAIL India shares ended 0.66% lower at Rs 307.80. Intra-day, the stock touched a high of Rs 312.50 and low of Rs 305.20 clocking volume of 38,835 against two-week average of 80,916 shares.
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