Government of Chhattisgarh and GAIL sign MoU to develop a gas-based fertilizer project in Chhattisgarh

The Government of Chhattisgarh and GAIL (India) Limited today joined hands for development of a greenfield gas-based fertilizer project in the State of Chhattisgarh.

A non-binding Memorandum of Understanding (MoU) for this was signed in the presence of Hon'ble Chief Minister of Chhattisgarh, Shri Vishnu Deo Sai. The MoU was signed by Shri Rajat Kumar, Secretary (Commerce & Industries), Government of Chhattisgarh and Shri Rajeev Kumar Singhal, Director (Business Development), GAIL (India) Limited.

As per the MoU, GAIL will undertake detailed techno-economic studies for setting up a urea manufacturing plant of 12.7 Lacs Metric Ton (LMT), proposed to be strategically located along GAIL's Mumbai-Nagpur-Jharsuguda Natural Gas Pipeline (MNJPL) corridor. Based on the techno-economic evaluation, investment decision will be taken for setting up the fertilizer project by GAIL.

The Government of Chhattisgarh will provide facilitation across all stages of the project, including support for feasibility studies, identification and allocation of suitable land parcels, coordination with State and Central authorities, facilitation for statutory approvals and enabling infrastructure necessary for project implementation.

Shares of GAIL (India) Limited was last trading in BSE at Rs. 172.00 as compared to the previous close of Rs. 171.65. The total number of shares traded during the day was 106695 in over 1329 trades.

The stock hit an intraday high of Rs. 172.60 and intraday low of 171.35. The net turnover during the day was Rs. 18363748.00.

Source : Equity Bulls

Keywords

GAILIndia INE129A01019 GovernmentofChhattisgarh MoU