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Wednesday, February 24, 1999

GAIL to buy 29.9% in RPG

ENS ECONOMIC BUREAU  
NEW DELHI, FEB 23: The Gas Authority of India Limited (GAIL) is planning to acquire a 29.9 per cent equity in RPG Dholpur Power Company, which is setting up the country's largest Rs 2,400 crore naphtha-based project in Rajasthan.

Official sources told The Indian Express that as part of its strategic investment plans in the downstream sector, GAIL has written to RPG Dholpur Power Company for picking up this equity which will cost it a sum of Rs 215 crore.

Sources disclosed that another well-known foreign company, Elpasso, has also evinced keen interest in picking up equity in this project. These proposals, sources said, were under consideration of the RPG group and a decision to this effect is expected shortly. RPG officials refused to comment on this issue.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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