Gail to take 25% stake in Vadodara gas projects

Gail India is planning to take stake in a joint venture company for city gas projects in Vadodara.

According to a release issued by Gail to the BSE today, the company will hold 25% stake in the proposed JV, while Vadodara Mahanagar Seva Sadan (VMSS) will have 26% equity and the balance equity will be held by strategic investors and the public.

The company contribution to the JV shall be by way of management and technical skills, signing gas sale/purchase agreements and expanding the CNG network in the city.

VMSS is already supplying gas to domestic and commercial establishments in Vadodara, and has an allocation of one lakh SCMD.