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Gujarat State Petronet Ltd (GSPL) and three PSU oil majors — IOC, BPCL and HPCL — have executed the joint venture agreements for developing three cross-country natural gas transmission pipelines expected to cost about Rs 12,500 crore.
These pipelines would criss-cross seven states namely Andra Prades, Madhya Pradesh, Maharashtra, Haryana, Punjab, Rajasthan and Jammu & Kashmir.
With the execution of joint venture agreements, the equity tie-ups for the three projects have been completed, GSPL said in a communication to the stock exchanges late on Monday.
It was on July 7 last year that the GSPL-led consortium was awarded the Letters of Authorisation (LoA) the by the Petroleum and Natural Gas Regulatory Board (PNGRB) for developing three cross-country natural gas transmission pipelines.
These were Mallavaram-Bhilwara (1,585 km), Mehsana-Bhatinda (1,670 km) and Bhatinda-Jammu-Srinagar (740 km) pipeline. The total distance of the three pipelines was 3,995 km.
GSPL-led (with 52 per cent stake) consortium with IOCL (26 per cent), BPCL (11 per cent) & HPCL (11 per cent) had emerged as the most favourable bidder for all the three pipeline projects.
The three projects shall be required to be completed within a period of 36 months from the date of award of the LoA to the consortium, the company had stated in July last year.
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