Gail, HPCL ,Greater Calcutta Gas Supply Company signed MoU for joint venture

KOLKATA: Gail, Hindustan Petroleum (HPCL) and Greater Calcutta Gas Supply Company today signed an MoU for a joint venture for city gas distribution, which is likely to require an investment of around Rs 2,000 crore.

GAIL and HPCL will hold 37 per cent stake each, while the rest will be owned the West Bengal government-controlled Greater Calcutta Gas Supply Company, official sources said.

The investment could be to the tune of Rs 2,000 crore for the project, GAIL Executive Director J Wasan said here.

The joint venture will look at various options of gas availability.

"We are looking at all options -- Jagdispur-Haldia pipeline, CBM from Ranigunj and Durgapur, and even importing gas by a floating terminal," Wasan said.

HPCL officials said it would take at least 2-3 years to execute the project.