Financial Daily from THE HINDU group of publications
Thursday, Aug 11, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 11, 2005 |
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Corporate
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Alliances & Joint Ventures GAIL, Leyland Project tie up for CNG biz Our Bureau
New Delhi , Aug. 10 GAIL (India) Ltd has signed a co-operation agreement with Ashok Leyland Project Services Ltd (ALPS) for pursuing business opportunities in compressed natural gas (CNG) and related sectors in India and abroad. According to a GAIL release, the two companies recognise the potential of adding value to their businesses through a co-operative approach based on their complementary skills and strengths in diverse markets to jointly exploit project opportunities. As a part of the agreement, GAIL and ALPS will jointly identify and evaluate business opportunities in CNG and related areas in India and countries in Asia and Africa such as Iran, Indonesia, the Philippines, Malaysia and South Africa. A joint evaluation team of GAIL and ALPS is being formed to undertake the evaluation/identification of the projects. With regard to the identified projects for joint participation, GAIL and ALPS shall form consortium/ special purpose vehicle/joint venture for implementing them, the release said. The two companies will also jointly bid for projects in India and overseas. In addition, they will evaluate the feasibility of transporting large volumes of natural gas in the form of CNG to remote areas and from one country to another.
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