Maithan Alloys Acquires 0.01% Stake in GAIL (India) Ltd. for Rs. 17.12 Crore

Maithan Alloys Ltd. has acquired 900000 shares of GAIL (India) Ltd., a leading state-owned natural gas processing and distribution company, through a stock exchange. The acquisition is an investment move and Maithan Alloys does not intend to acquire control of GAIL's management. The total cost of acquisition is Rs. 17.12 Crore. GAIL has a diversified business portfolio and has interests in the sourcing and trading of natural gas, production of LPG, Liquid hydrocarbons and petrochemicals, transmission of natural gas and LPG through pipelines, etc. GAIL also has participating interest in Oil and Gas Blocks in India and overseas. The acquired entity has a significant presence in India, Singapore, USA, Russia, and Myanmar.