GAIL forms JV for gas distribution; stocks up

MUMBAI: GAIL Gas, a wholly owned subsidiary of GAIL India, has signed an agreement to form a joint venture with Vadodara Mahanagar Seva Sadan ( VMSS) for gas distribution in the city of Vadodara and its adjoining areas.

GAIL will hold 26 per cent equity in the new company while VMSS will hold 24 per cent. The remaining 50 per cent equity will be held by financial institutions and strategic partners.

Shares of GAIL India were at Rs 460.10, up 0.66 per cent on the NSE. It touched a high of Rs 462.70 and low of Rs 458.65 in trade so far.