GAIL's Assam Gas JVC to be a separate Co
Gail India Ltd said on Wednesday that the joint venture company which will implement the Rs 5,460 crore Assam Gas Cracker Project will be a separate entity.
MUMBAI: Gail India Ltd said on Wednesday that the joint venture company which will implement the Rs 5,460 crore Assam Gas Cracker Project will be a separate entity.
GAIL would promote the JVC for the integrated petrochemical complex at Lepetkata, District Dibrugarh, with 70 per cent equity participation and the remaining 30 per cent equity would be shared equally among Oil India Ltd, Numaligarh Refinery Ltd and Assam Industrial Development Corporation (Government of Assam).
The equity participation in the project is governed by decision taken by Cabinet Committee on Economic Affairs (CCEA) of the Government of India and the CCEA had approved the equity structure of the JVC, GAIL informed the Bombay Stock Exchange.
GAIL added that the JVC would be a separate company, however, its subsidiary status would be governed by the provisions of the Companies Act.
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