GAIL India secures $100 mn foreign loan - Hindustan Times
close_game
close_game

GAIL India secures $100 mn foreign loan

Hindustan Times | By, New Delhi
Dec 06, 2011 08:58 PM IST

State-owned gas utility GAIL India Ltd said on Tuesday that it has secured a $100 million (Rs 500 crore) loan from Bank of Tokyo-Mitsubishi UFJ to part-finance its pipeline expansion plans.

State-owned gas utility GAIL India Ltd said on Tuesday that it has secured a $100 million (Rs 500 crore) loan from Bank of Tokyo-Mitsubishi UFJ to part-finance its pipeline expansion plans.

HT Image
HT Image

The loan agreement signed is the first in the series of three tie-ups that GAIL plans to enter into for a total of $300 million (Rs 1,500 crore) in external commercial borrowings (ECB). The debt would help GAIL fund ongoing expansion plans and new projects of $9 billion (Rs 45,000 crore).

Hindustan Times - your fastest source for breaking news! Read now.

“The loan agreement was signed between GAIL India director (finance) P K Jain and Bank of Tokyo general manager Naoki Isetani,” the company said in a press statement.

The term of the loan is five years and comes close on the heels of an earlier term loan of $150 million taken by GAIL from Bank of Tokyo in June, 2011. GAIL is presently implementing projects to lay 5,500 km of pipelines at an estimated cost of Rs 25,000 crore ($5 billion). The company is also doubling the capacity of its petrochemicals plant at Pata, in Uttar Pradesh, from 446,000 tonnes per annum to 900,000 tonnes by 2014.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On