Ahmedabad, June 29:
The Gujarat State Petronet Ltd led joint venture
GSPL India Transco Ltd (GITL) announced the financial closure for its Rs
7,255-crore Mallavaram-Bhopal-Bhilwara-Vijaipur 1,738-km pipeline project on
Friday.
GITL signed an agreement for syndicating a loan of
Rs 5,080 crore with a consortium of 14 banks for the pipeline project. It was
facilitated by SBI Capital, the lead manager for the project. The stipulated
time-frame for project completion is by July 2014.
“The financial closure by GITL is a major step
towards implementation of three cross-country pipeline projects, which would
establish GSPL as a pan-India player in natural gas transmission,” the GITL
Chairman, Mr Tapan, Ray told newspersons.
“The cost of pipeline project is about Rs 7,255
crore, out of which Rs 2,175 crore will be raised through equity infusion by
the joint venture partners,” he said.
The debt-to-equity ratio for the projects is 70:30.
The pipeline will have initial capacity of 56 million metric standard cubic
metre per day (mmscmd), which can go upto 76 mmscmd.
GSPL, the major promoter of GITL, holds 52 per cent
stake, while other JV partners such as IOCL, BPCL and HPCL will have 26 per
cent, 11 per cent and 11 per cent stakeholding respectively.
GSPL, promoted by state-integrated energy company
Gujarat State Petroleum Corporation, had bagged three cross-country pipeline
projects Mehsana-Bhatinda (1,611 km), Bhatinda-Srinagar (740 km), and
Mallavaram-Bhopal-Bhilwara-Vijaipur (1,738 km), in July 2011 through a bidding
process.
GSPL-led another joint venture GSPL India Gasnet
Ltd (GIGL) has already achieved financial closure to implement
Mehsana-Bhatinda-Jammu-Srinagar pipeline project of Rs 6,449 crore, having a
total combined length of 2,351 km, in January this year.
Source: The Hindu
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