Key Developments: GAIL (India) Ltd (GAIL.BO)
336.95INR
17 May 2013
Rs-0.80 (-0.24%)
Rs342.50
Rs343.40
Rs343.40
Rs333.00
62,511
57,972
Rs396.00
Rs300.40
Latest Key Developments (Source: Significant Developments)
GAIL (India) Limited And Bharat Petroleum Corporation Limited's JV Keen To Buy BG Group plc's Mahanagar Gas Ltd Stake-The Economic Times
The Economic Times reported that BG Group plc is keen to sell its 49.75% stake in Mahanagar Gas Ltd (MGL), giving energy companies to expand their presence in the Indian gas market. Indraprastha Gas, which is jointly promoted by GAIL (India) Limited and Bharat Petroleum Corporation Limited, is keen to pick up BG's stake in MGL. Full Article
GAIL (India) Limited Looks To Buy BG Group plc's BG India's Stake In Gujarat Gas Company Limited-Reuters
Reuters reported that GAIL (India) Limited is looking at buying the stake of BG India, a local unit BG Group plc, in Gujarat Gas Company Limited. BG is selling its 65% stake in Gujarat Gas Company Limited. Full Article
GAIL (India) Limited Eyes $1 Billion Shale Gas Investments-Reuters
Reuters reported that GAIL (India) Limited aims to invest $1 billion in shale gas assets globally in one year's time. GAIL had agreed to buy a 20% stake in one of Carrizo Oil & Gas Inc's shale gas assets in the United States. Full Article
GAIL (India) Limited keen To buy ADB's Stake In Petronet LNG Ltd.-Business Standard
Business Standard reported that Asian Development Bank plans to sell its 5.2% stake in Petronet LNG Ltd, which the GAIL India Ltd is keen to acquire and may have to pay over INR600 crore (INR6 billion) for it. ADB has offered to sell its 39 million shares or 5.2% stake in Petronet, which is valued at over INR614 crore (INR6.14 billion). GAIL, Oil and Natural Gas Corp, Indian Oil and Bharat Petroleum hold a 12.5% stake each, to restrict the public sector holding in the company at 50%. GdF holds 10%. Under the Share Holders' Agreement (SHA), the five have the first right of refusal over ADB stake. GAIL has proposed to the Oil Secretary G C Chaturvedi, who is the Chairman of Petronet, that it can buy the entire 5.2% stake of ADB. In case other companies are also interested, the ADB stake can be split equally among GAIL, IOC, ONGC and BPCL with each buying 1.3% stake. ADB stake being bought by state firms would turn Petronet into a public sector company with shareholding of state firms rising above current 50%, sources said, adding that GAIL is agreeable to this as it will bring more accountability in running of Petronet. When contacted, an ADB spokesperson from Manila said: 'ADB has held a 5.2% stake in Petronet LNG since 2004. ADB always looks to exit its equity investments once it believes that the development mission has been accomplished.' Full Article
GAIL (India) Limited To Pick Up 20% In Carizzo Gas Asset-The Financial Express
The Financial Express reported that GAIL (India) Limited will buy a 20% stake in a shale gas area operated by Carrizo Oil and Gas Inc for USD95 million. GAIL will pay USD63.7 million in cash to Carrizo and bear USD31.3 million of the Houston-based firm's future costs to develop the area in the Eagle Ford deposits in Texas, the companies said in separate statements. Full Article
GAIL (India) Limited Announces Formation Of GAIL Global (USA) Inc.
GAIL (India) Limited announced that a wholly owned subsidiary company of GAIL (India) Limited has been formed with the name of 'GAIL Global (USA) Inc'. Full Article
Carrizo Oil & Gas, Inc. Announces $95 Million Joint Venture Agreement With GAIL (India) Limited
Carrizo Oil & Gas, Inc. announced the closing of an unincorporated joint venture with a wholly owned subsidiary of GAIL (India) Limited. Under the joint venture agreement, Carrizo sold 20% of Carrizo's interest in approximately 20,200 net mineral acres leased by the Company in the condensate zone of the Eagle Ford Shale for total consideration of $95 million, comprised of $63.65 million in cash and the assumption of an additional $31.35 million of Carrizo's future drilling and development costs (drilling carry). The cash proceeds from the transaction were used to reduce the outstanding balance under Carrizo's revolving credit facility. The consideration payable to Carrizo is subject to customary post-closing adjustments and indemnities. Full Article
Neyveli Lignite Corporation Limited, GAIL (India) Limited Mull Venture For Underground Lignite Gasification Projects-Business Line
Business Line reported that Neyveli Lignite Corporation Limited, and GAIL (India) Limited are mulling forming a joint venture (JV) to undertake underground lignite gasification projects in Tamil Nadu. The first formal talks were held by the heads of the two companies last week and they have agreed 'in principle' to go ahead. It could take about six months to form the joint venture. Tamil Nadu has lignite deposits at Neyveli, Jayamkondan, Srimushnam and Mannargudi areas. Other than Neyveli, where lignite mining and power generation has been carried on by NLC for decades, lignite seams in the other areas are deep. Mining the fuel would entail large scale resettlement of population, making projects difficult. The ‘Jayamkondan mining-cum-power project' has been hanging fire for decades. Full Article
Adani Enterprise Ltd's Unit To Buy 20% Of GAIL (India) Limited And Indian Indian Oil Corporation Limited's Stake In A JV Company-Reuters
Reuters reported that Adani Gas, a unit of Adani Enterprise Ltd, will pick up 20% equity in Green Gas Ltd, a joint venture (JV) between GAIL (India) Limited and Indian Indian Oil Corporation Limited (IOC), the Business Standard reported. Gail and IOC hold 22.5% each in the company, while Uttar Pradesh State Industrial Development Corp holds 5%. Full Article
GAIL (India) Limited Issues FY 2017 Revenue Guidance-DJ
Dow Jones reported GAIL (India) Limited aims to triple its annual revenue to INR1 trillion ($22 billion) by the fiscal 2017 as it expands its operations. The Company has posted revenue to INR324.59 billion for fiscal 2011. Full Article
India's GAIL teams up with EDF for U.S. gas assets
NEW DELHI - India's GAIL Ltd is teaming up with a unit of French group EDF to jointly scout for natural gas assets in the United States as demand in India grows, its chairman said.
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