Financial Daily from THE HINDU group of publications
Wednesday, Feb 23, 2005
Financial Daily from THE HINDU group of publications Wednesday, Feb 23, 2005 |
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Corporate
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Alliances & Joint Ventures GAIL forms jt venture with China Gas Our Bureau
New Delhi , Feb. 22 GAIL (India) Ltd and the Hong Kong stock exchange-listed China Gas Holdings Ltd have agreed to forge a strategic cooperative partnership by forming a 50:50 joint venture to undertake projects in China, India and other countries. The decision follows GAIL's acquisition of up to 10 per cent stake in China Gas Holdings, which has been approved by the board of the company. A share subscription agreement — signed between Mr Proshanto Banerjee, Chairman and Managing Director, GAIL, and Mr Liu Ming Hui, Managing Director, China Gas Holdings — enables GAIL to subscribe to 210 million new shares of China Gas Holdings, a company statement said here on Tuesday. The joint venture between GAIL and China Gas Holdings will undertake the operation and management of city gas pipeline networks, including purchase, sale and distribution of natural gas through these networks. The joint venture will also work for the construction, management and/or operation of long-distance natural gas and/or other energy fuel pipelines and purchase, import, produce, sell and distribute LPG, LNG, CNG and/or other energy fuels. GAIL will have the option of holding a higher interest in the joint venture and would invest directly or indirectly in the projects after completion of due diligence.
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