GAIL (India) in its press note to the exchanges informed that, as the owner and operator of the Pradhan Mantri Urja Ganga natural gas pipeline project under execution, it has offloaded the pipe laying contract from IL&FS due to poor project progress driven on account of the acute financial crisis.
Accordingly, the Bokaro-Durgapur section (124km) is now re-tendered and awarded to three different contractors to expedite construction efforts for hooking up supply network to the fertilizer, city gas distribution, and other industrial consumers, the company said in a press note after market hours to the exchanges on Wednesday.
Besides, the company has replaced project consultant Engineers India by MECON for overseeing the project activities under this crucial stretch.
"Post commencing supplies at Varanasi, the final leg of Phase-1 (Phulpur-Patna section of ~585 Km length) of the 2660 km pipeline project is now closer to readiness and natural gas supply to Patna is expected to commence during the second fortnight of this month," the company added.
GAIL (India) Ltd's share price ended at Rs339.15, down by Rs0 or 0%, from its previous close of Rs339.15 on the BSE. The scrip opened at Rs339.15 and touched a high and low of Rs339.15 and Rs339.15, respectively. A total of, 3,144 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs76,480.73cr.