IndianOil and GAIL sign MoU for taking equity stake in upcoming Dhamra LNG terminal

Sarkaritel
By Sarkaritel September 22, 2016 10:24

IndianOil and GAIL sign MoU for taking equity stake in upcoming Dhamra LNG terminal


22iocl_gail_mou

Indian Oil Corporation Limited and GAIL (India) Limited  have today signed an MoU with Dhamra LNG Terminal Private Limited (DLTPL) for taking equity in the 5 MMTPA capacity LNG Receiving, Storage and Regasification Terminal being put up at Dhamra Port, Odisha.

As per the MoU, DLTPL shall be an equal Joint Venture of IndianOil and GAIL on one hand and Adani Group on the other. IndianOil and GAIL would acquire 39% and 11% equity respectively in DLTPL with the balance 50% being held by Adani group.  Going forward, IndianOil and Adani group will each divest 1% of their respective stake to a credible financial institution which will then have 2% stake in the terminal. Apart from equity, IndianOil and GAIL intend to book regasification capacity of 3.0 and 1.5 MMTPA respectively in the terminal.

22iocl_gail_mou1

The development comes in the backdrop of Government’s consistent focus on undertaking welfare and growth measures in eastern India so as to bring this hitherto underdeveloped region into the economic mainstream of the country. Prime Minister Narendra Modi has maintained that India cannot develop till the eastern part of India develops.

Sarkaritel
By Sarkaritel September 22, 2016 10:24