Financial Daily from THE HINDU group of publications
Thursday, Feb 17, 2005
Financial Daily from THE HINDU group of publications Thursday, Feb 17, 2005 |
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Corporate
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Mergers & Acquisitions Industry & Economy - Petroleum GAIL deal for Tripura Gas Our Bureau
NEW DELHI: GAIL (India) Ltd has signed an agreement with Tripura Industrial Development Corp (TIDC) and Assam Gas Co Ltd (AGCL) to pick up 29 per cent stake in Tripura Natural Gas Co Ltd (TNGCL). The agreement was signed by GAIL's Director (Planning), Mr B.S. Negi, Tripura Industrial Development Corporation's Director, Mr S. Sharma, and the Assam Gas Company's Managing Director, Mr P.K. Barua, on Tuesday. TIDC and AGCL would hold 10 per cent equity each while the public, financial institutions and others would pick up the remaining 51 per cent. The Government of Tripura had decided in May 2004 that TNGCL would be the exclusive company to undertake retail gas distribution in the State. TNGCL will promote and expand its existing business of distribution and marketing of natural gas for consumers in domestic, commercial and industrial sectors, including distribution and marketing of CNG for use by consumers in the automotive sector. The State Government will provide all the necessary support, policy framework and fiscal incentives, if required, to enable gas usage in the State. TNGCL will undertake distribution and marketing of piped natural gas in and around Tripura to domestic, commercial, small industrial users and Compressed Natural Gas (CNG) as fuel for vehicles.
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