Left Menu
Development News Edition

GAIL board approves raising Rs 1,500 cr in debt


GAIL board approves raising Rs 1,500 cr in debt

State-owned gas utility GAIL India Ltd on Thursday said its board has approved raising up to Rs 1,500 crore in debt to part-fund its ambitious plan to expand its pipeline capacity over the next few years. The company plans to raise funds through domestic bonds in one or more tranches in the next six months.

"The Board of Directors in its meeting held today inter alia approved to borrow rupee debt funds up to Rs 1,500 crore including greenshoe option through secured/unsecured, redeemable, taxable non-convertible bond(s) in one or more tranches from time to time on private placement basis," the company said in a regulatory filing. Greenshoe option allows a company to borrow more than the notified amount if it gets a favourable cost of borrowing.

GAIL had in May last year tied up Rs 2,000 crore loan from State Bank of India (SBI) to meet its capital expenditure requirements over the next few years, particularly in the pipeline projects. It plans to add 5,500 km of gas pipeline in phases over the next three years as part of government's efforts to raise the share of natural gas in India's energy mix to 15 per cent by 2030 from current 6 per cent.

The company presently operates a pipeline network of 10,977 km across the country. GAIL's major pipeline projects currently under implementation are the 2,655-km Jagdishpur–Haldia and Bokaro–Dhamra pipeline, 670-km Vijaipur–Auraiya–Phulpur pipeline, and 879-km Kochi-Koottanad–Bengaluru–Mangaluru pipeline.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

From home to healthcare, here are Robotic innovations transforming lives

Lovot is equipped with more than 50 sensors such as thermography, microphone array, obstacle detection, and touch sensor to generate motion and emotions in real-time....

Translating words to deeds: Achieving gender parity in access to financial resources

... ...

SDG13: How you can reduce global warming by changing your food habits

The mega narratives of various international organizations give the impression that fighting global warming is only a job of government agencies. However, the European Investment Bank EIB has designed a questionnaire which besides making th...

SDG2030: Challenges of technological applications in advancing Global Goals

Application of contemporary and future information technologies may go milestones in advancing sustainable development goals SDGs provided the challenges are overcome and implementation is ensured....

Videos

Latest News

UPDATE 2-Portugal probes Angola leaks as Eurobic bank distances itself from dos Santos

Portuguese authorities said on Monday they had started investigating media reports concerning Angolan billionaire Isabel dos Santos, while a small bank said it had decided to put an end to commercial relationships with entities she controls...

Britain's Prince Harry leaves for Canada on Monday evening - The Telegraph

Britains Prince Harry is understood to have left the United Kingdom for Canada on Monday evening, to be reunited with his wife Meghan Markle and son Archie, The Telegraph reported httpswww.telegraph.co.ukroyal-family20200120prince-harry-lea...

UPDATE 1-Portugal probes Angola leaks as Eurobic bank distances itself from dos Santos

Portuguese authorities said on Monday they had started looking into media leaks concerning Angolan billionaire Isabel dos Santos, while a small bank said it had decided to put an end to commercial relationships with entities controlled by d...

Over 5 lakh people flocked 80th All India Industrial Exhibition being held in Hyderabad

Over five lakh people have visited the 80th All India Industrial Exhibition so far, that is being held in Hyderabad. Moreover, all the fire safety measures have been ensured here after last years major fire incident occurred at the exhibiti...

Give Feedback