GAIL to invest Rs.7,500 crore to build two pipelines

October 6th, 2009 KOLKATA - City-based non-banking financial company Srei Equipment Finance hopes its loan disbursement would grow to Rs.7,500 crore this fiscal from Rs.5,500 crore in 2008-09 as the construction equipment industry is picking up. "We are targeting Rs.7,500 crore disbursement in the current year.

October 1st, 2009 NEW DELHI - GAIL India has achieved financial closure for its petrochemical plant in Assam, company chairman B.C. Tripathi said Thursday.

October 1st, 2009 NEW DELHI - GAIL India Thursday welcomed the petroleum ministry's proposal to allow it to charge marketing margin on sale of subsidised natural gas, saying it would help the company invest more in servicing bad debts and expanding markets. "We are very happy that the government is considering it," GAIL chairman B.C.

September 14th, 2009 THIRUVANANTHAPURAM - Kerala State Industrial Development Corp (KSIDC), the investment promotion agency of the state government, has tied up with Gas Authority of India Ltd (GAIL) for developing gas pipeline infrastructure. The partnership will lead to attracting investments to the tune of Rs.8,500 crore in the state, officials said.

September 9th, 2009 MUMBAI - Realty firm Entertainment World Developers will invest Rs.2,000 crore for setting up 20 malls across India under its rent-free revenue sharing concept for emerging brands. "We will invest Rs.2,000 crore for setting up 20 malls spread across one million square feet in 11 states and 20 cities by 2011," said company chairman and managing director Manish Kalani.

August 15th, 2009 TIRUCHIRAPALLI - Power equipment major Bharat Heavy Electricals Ltd (BHEL) will invest Rs.485 crore ($100 million) to expand its boiler division that makes thermal and nuclear plant boilers, a senior official said here Saturday. "The expansion will be completed by 2011 and the division's capacity will go up to 15,000 MW per annum," BHEL executive director A.V.

July 27th, 2009 NEW DELHI - State-run gas transmission and marketing company GAIL India has approved pipeline projects worth more than Rs.8,000 crore (Rs.80 billion/$1.6 billion) to transport hydrocarbons, including an over-2,000 km line from Uttar Pradesh to West Bengal. U.D. Choubey, the outgoing chairman of GAIL, formerly Gas Authority of India, told reporters Monday that the company's board has approved the outlay to enhance the current pipeline network of 7,100 km to ferry 155 million metric standard cubic metres of gas per day.

July 25th, 2009 MUMBAI - State-run gas utility company GAIL India Saturday reported a 26.8 percent dip in its net profit at Rs.655.8 crore ($135.5 million) for the quarter ended June 30, compared to Rs.896.8 crore in the same period last fiscal. However, the total income increased 4.3 percent to Rs.6,101.3 crore from Rs.5,845.5 crore, the company said in a regulatory statement.

July 1st, 2009 NEW DELHI - The government Wednesday approved 21 foreign investment proposals amounting to Rs.84.9 crore ($17.78 million). Prominent among the proposals approved by the Foreign Investment Promotion Board (FIPB) is one by Germany's BASF, which plans to invest Rs.63 crore to manufacture speciality chemicals and trade in commoditised products.

June 24th, 2009 NEW DELHI - Life Insurance Corporation of India (LIC) on Wednesday announced that it would invest about 50,000 crore rupees in the equity market during this financial year. Addressing media persons in the national capital, Life Insurance Corporation of India's Managing Director Thomas Mathew said: "We expect to invest nearly Rs 50,000 crore in equities this year against Rs 40,800 crore last year." The largest life insurer in the country has invested about Rs 8,000 crore in the equities so far in this fiscal.

June 15th, 2009 NEW DELHI - State-run gas major GAIL India Monday reported a net profit of Rs.2,804 crore ($585 million) for 2008-09 as against Rs.2,601 crore recorded the year before, an increase of 8 percent. In a regulatory statement, the company said its turnover during the period increased 32 percent to Rs.23,776 crore from Rs.18,008 crore in 2007-08.

April 22nd, 2009 NEW DELHI - JSW Steel, one of the leading steel makers in the country, will invest Rs.3,000 crore in 2009-10 to expand its production capacity, a top official said here Wednesday. 'We are planning to invest Rs.3,000 crore in the current financial year to expand our production capacity,' Sajjan Jindal, vice-chairman and managing director of JSW Steel, told reporters on the sidelines of a business meet.

April 16th, 2009 CHANDIGARH - Developer AIPL Ambuja, a joint venture between Delhi-based Advance India Projects Ltd and Ambuja Realty of Kolkata, is planning to invest Rs.1,200 crore in northern India to develop integrated townships across the region. 'We will set up ultra-modern integrated townships, including flats, malls, commercial establishments and healthcare and hospitality facilities.

January 28th, 2009 NEW DELHI - State-run gas utility GAIL India has scaled down its capital expenditure to Rs.55 billion (Rs.5,500 crore) for 2009-10 after the Planning Commission objected to the higher estimate prepared earlier, the company said here Thursday. 'Our capex was originally Rs.7,000 crore (Rs.70 billion), which we submitted to the Planning Commission for approval.

January 27th, 2009 MUMBAI - State-owned gas utility GAIL India Ltd Wednesday said its net profit declined 59.22 percent to Rs.2.53 billion (Rs.253 crore/$51.5 million) in the quarter ended Dec 31 from Rs.6.21 billion a year ago. However, the company's total Income rose to Rs.60.46 billion during the period under review from Rs.44.83 billion in the corresponding quarter last year.