Gujarat State Petronet Ltd. Approves Additional Investments in Joint Venture Company GSPL India Gasnet Limited
Gujarat State Petronet Limited (GSPL) has approved additional investments in its joint venture company, GSPL India Gasnet Limited (GIGL). The investments include subscription of GIGL’s Right issue of Redeemable Cumulative Preference Shares amounting to Rs. 35.77 Cr and additional equity contribution of up to Rs. 780 Cr. GSPL currently holds 52% in GIGL and will continue to do so after this additional equity contribution. GIGL is engaged in the execution of the Cross-Country Natural Gas Transmission Pipeline Projects namely: Mehsana - Bhatinda Pipeline Project and Bhatinda - Gurdaspur Pipeline Project. The investments will help GSPL in serving customers beyond Gujarat and increasing Gas Volumes transported through GSPL Gas grid.
Key Highlights
- GSPL to invest Rs. 35.77 Cr in GIGL's Right issue of Redeemable Cumulative Preference Shares
- GSPL to contribute up to Rs. 780 Cr in additional equity in GIGL
- GSPL's shareholding in GIGL will remain at 52% post-investment
- GIGL is implementing Cross-Country Natural Gas Transmission Pipeline Projects
- Investments will help GSPL to serve customers beyond Gujarat and increase Gas Volumes transported