GAIL inks shareholders pact

Hyderabad : 10 Sep 11 | 12:28 AM:GAIL Gas Limited, a wholly-owned subsidiary of GAIL (India) Limited, signed a shareholders agreement (SHA) with Andhra Pradesh Gas Infrastructure Corporation Limited (APGIC) and Andhra Pradesh Gas Distribution Corporation Limited (APGDC) on Friday for restructuring of APGDC, which will pursue city gas distribution opportunities in the state.

APGDC was incorporated earlier this year as a wholly-owned subsidiary of APGIC with an authorised share capital of Rs 100 crore for laying and maintaining natural gas pipeline infrastructure and city gas distribution (CGD) networks in the state.Keeping in view the experience of GAIL Gas in implementing CGD projects, the state government gave the nod for equity participation of GAIL Gas in APGDC to tap the huge potential of the natural gas business so as to accelerate the industrial growth in the state.