Hon’ble CM, Kerala takes stock of Natural Gas Pipeline work
GAIL CMD apprises him about satisfactory progress on 91 km section Contract for another 105 km section awarded today
Thiruvananthapuram, February 14, 2017: Shri B C Tripathi, CMD, GAIL (India) Limited met Hon’ble Chief Minister of Kerala Shri Pinarayi Vijayan to apprise him about the progress of work on the 440 km Kochi – Koottanad – Mangaluru Natural Gas pipeline project. GAIL Chairman also met Additional Chief Secretary and Director General of Police in separate meetings. He discussed the progress made in the project with the continuous support of the State Government, Administration, Police and the public at large and thanked them for their active engagement which has started yielding result at the ground level.
CMD , GAIL also intimated about the satisfactory laying activities on the 91 km Kochi – Koottanad section and Panchanama activities across the state wherein a substantial headway has been made during the last six to seven months which was possible due to the active support of the State Government.
Carrying forward the momentum, GAIL today awarded contract for pipeline laying work for another 105 km section from Perole-Kodalamuguru- Mangaluru section. As a result project will progress simultaneously from both the ends, i.e., Kochi and the Mangaluru side, so that the completion of the project is expeditiously completed.
Shri Tripathi informed that work on the 91 km Kochi – Koottanad section, which was awarded in September 2016, has been received positively by all stakeholders. He said that the pipeline would serve as a “Green Energy Corridor” for decades to come and enable City Gas Distribution companies and Gas based industries to come up in the state. As a result, environment friendly Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) would be supplied to households and vehicles.
GAIL is targeting to complete the Kochi – Koottanad – Mangaluru Pipeline by December 2018 as per directives of the Ministry of Petroleum & Natural Gas, Government of India. It is likely to give a major economic boost to the state by way of generating employment and various socio economic benefits.
GAIL’s PAT up 133 % in first nine months of current fiscal, touches Rs 3,243 cr PBT for third quarter up 61 %, PAT up 46 % to Rs 983 cr
GAIL (India) Limited registered a 133% increase in Profit after Tax for the first nine months of Financial Year 2016-17 over the corresponding period last year, with the PAT increasing to Rs 3,243 crore from Rs.1,394 crore.
On quarterly basis, GAIL’s PAT in the third quarter increased by 46% to Rs. 983 crore from Rs. 676 crore in the corresponding period of the last fiscal, buoyed by a turnaround in petrochemicals segment and increase in profitability of Liquid Hydrocarbons segment.
The Company also registered growth in physical performance in all segments on quarter on quarter basis i.e. Petrochemical Sales up by 8%, Liquid Hydrocarbon Sales up by 4% and Natural Gas Marketing & Transmission volumes up by 3% & 2% respectively. The third quarter witnessed a pricing pressure in Petchem business during November and December 2016, PAT grew by 6% sequentially to Rs 983 crore.
Shri Prafulla Kumar Gupta takes charge as Director (HR), GAIL
Shri Prafulla Kumar Gupta has taken charge as Director (Human Resources) of GAIL (India) Limited. A B.Tech. in Mechanical Engineering from G.B. Pant University of Agriculture & Technology, Pantnagar (UK), Shri Gupta has more than 33 years of rich and diverse experience in Oil & Gas sector, particularly in Project Execution along with Operation & Maintenance of Natural Gas pipelines, Gas Processing Units, City Gas Distribution, Natural Gas & Petrochemical Marketing and Human Resources.
Prior to his appointment as Director (HR), Shri Gupta served as Executive Director (Marketing-Petrochemicals) and was instrumental in creating an enabling mechanism for petrochemical marketing, streamlining processes and systems to prepare GAIL for the challenges arising out of enhanced polymer capacity of the Company.
Shri Gupta joined GAIL in 1985 and has been associated with many prestigious projects of the company, starting from project execution of Hazira – Vijaipur – Jagdishpur pipeline. He also held the position of Managing Director of Mahanagar Gas Limited and Head of Gas Processing Unit, Vaghodia.
As Executive Director (Training & HRD), Shri Gupta was involved in institutionalizing Learning & Development processes in GAIL. Shri Gupta has a people centric approach and is credited with many HRD Interventions in the Company including Senior Management Development Centre (SMDC), Individual Development Plan, Manpower Benchmarking and setting up of a robust Performance Management System.
GAIL Board approves issuance of bonus shares, interim dividend and raising of funds through Bonds
New Delhi, January 27, 2017: GAIL (India) Limited has recommended issuance of one bonus share for every three equity shares held of Rs 10 each fully paid up, subject to shareholders approval. The decision was taken by the Company's Board of Directors in its meeting held on 25th January, 2017. Consequently, the paid-up share capital of the Company will increase from Rs. 1,268.48 crore to Rs. 1,691.30 crore.
Earlier, GAIL had issued bonus shares of one fully paid-up bonus share for every two equity shares in October 2008.
GAIL's Board also approved payment of interim dividend for the financial year 2016-17 at the rate of 85 per cent of paid-up equity share capital of the Company (Rs 8.5 per share). Interim Dividend will be paid with reference to the 'Record Date' i.e. 3rd February, 2017 fixed for the said purpose.
GAIL's Board in its meeting held on 25th January, 2017 also approved raising of funds through secured/ unsecured, redeemable, non-convertible, taxable INR bonds up to Rs 750 crore with green shoe option up to 100 per cent of issue size aggregating up to Rs 1,500 crore on private placement basis, in one or more tranches.
GAIL Chairman & Managing Director Shri B C Tripathi said that GAIL is issuing bonus shares for the second time after its listing on the stock exchanges. "The decision has been taken in order to enhance shareholders' value and acknowledge their support to the Company over the years," he said.
Shri Tripathi further said that work on the prestigious Jagdishpur – Haldia –Bokaro – Dhamra Pipeline Project, popularly called the Pradhan Mantri Urja Ganga, is going on in full swing and GAIL is committed to complete the project within scheduled time. He said work on the Uttar Pradesh and Bihar sections of the Urja Ganga project has made significant progress and the next phase of the project is likely to commence in the second half of 2017.
The Chairman also stated that the expansion of the Petrochemical plant at Pata has stabilized. The production from subsidiary Brahmaputra Cracker & Polymer Limited's plant in Assam, in which GAIL has 100 % marketing rights, is being ramped up. GAIL is looking to capture new markets for its petrochemical products and has commenced exports to China, Nepal, Bangladesh, Myanmar and Vietnam.
GAIL's subsidiary GAIL Gas is executing its flagship City Gas Distribution project in Bengaluru and supply of piped natural gas to households has already commenced. Further, CNG stations have been set up to cater to the needs of vehicles in the city.
The issue of the INR bonds would help in funding the growing capex requirements for the future growth of the Company, Shri Tripathi said.