Gujarat Pipavav gains on approval from MoEF

Shares of Gujarat Pipavav were up over 1% at Rs 71.30 after the company said it has received approval from the Ministry of Environment & Forests (MoEF) for its expansion plan.

While the company had received an approval in June 2012, the same had been challenged by an NGO in the National Green Tribunal (NGT) and the Tribunal in its August 22, 2013 order had kept the company's environment approval in abeyance for a period of six months.

GPPL's expansion plan was to be executed for an estimated cost of Rs 1,097 crore.

The company has planned to finance the project cost through a mix of debt, equity and internal accruals.

Over 660,000 shares were traded on both the stock exchanges so far.