GAIL ties up Rs 2,000 cr for capital expenditure

Gas major GAIL (India) has tied up a debt of Rs 2,000 crore towards its capital expansion plans, the PSU’s chairman and managing director B.C. Tripathi said here.

Gas major GAIL (India) has tied up a debt of Rs 2,000 crore towards its capital expansion plans, the PSU’s chairman and managing director B.C. Tripathi said here.

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Tripathi said GAIL’s capex plans for 2010-11 stand at Rs 5,500 crore, the company has tied up for a debt of Rs 2,000 crore while Rs 3,200 crore tie-up will soon be in place.

GAIL is also in talks with NTPC to set up a 2,000 mw gas-based power plant at Ratnagiri (erstwhile Dabhol) in Maharashtra. The Rs 8,000 crore project will be in addition to the existing 1950 mw power project being run by GAIL and NTPC-promoted Ratnagiri Gas and Power Project Ltd.

“I have already met senior officials in the power ministry for this new gas based power project at Ranagiri,” Tripathi said.