GAIL and Coal India Form JV for Coal-to-Gas Project in West Bengal

6 Aug 2024 , 10:29 AM

GAIL (India) Ltd has entered a joint venture with Coal India to establish a coal-to-synthetic natural gas project at Eastern Coal Field in West Bengal. Coal India will hold 51% shareholding in the joint venture, while GAIL will have 49%.

The joint venture firm will be incorporated as a private limited company with an initial paid-up share capital of ₹1 lakh and an authorized share capital of ₹11 crore, consisting of 1.1 crore equity shares at ₹10 each. The registered office of the joint venture company will be located in West Bengal.

GAIL reported a 92.9% increase in its first-quarter standalone net profit, reaching ₹2,724 Crore. In the corresponding quarter of the previous year, GAIL posted a net profit of ₹1,412 Crore. GAIL’s revenue from operations rose by 4.55% to ₹33,692 Crore, compared to ₹32,227 Crore in the same period last fiscal year. 

At the time of writing on August 06, 2024 at 10:21 am, shares of  Gail (India) Ltd is trading at ₹228 which is a 1.78% dip than the previous close. Gail (India) Ltd shares has witnessed a 100% gain in the last one year, and 37% gain since the beginning of the year.

GAIL (India) Limited, formerly known as Gas Authority of India Ltd., is a state-owned energy corporation involved in the trade, transmission, and distribution of natural gas. GAIL also explores and produces solar and wind power, provides telecom and telemetry services (GAILTEL), and generates electricity.

Founded in August 1984, GAIL operates under the Ministry of Petroleum and Natural Gas and was conferred Maharatna status by the Indian government on February 1, 2013, along with 11 other Public Sector Undertakings (PSUs).