GAIL Ltd. announced on 5th August that it has entered into a joint venture with Coal India to establish a coal-to-synthetic natural gas project at the Eastern Coal Field in West Bengal.

Coal India will hold 51% and GAIL will hold 49% in the joint venture. This joint venture firm will be incorporated as a private limited company with an initial paid-up share capital of Rs 1 lakh.

The authorised share capital will be Rs 11 crore, comprising 1.1 crore equity shares at Rs 10 each. The registered office of the joint venture company will be in West Bengal.

GAIL and Coal India will each nominate three executives as directors of the joint venture company.

GAIL reported a 92.9% increase in its first quarter standalone net profit, reaching Rs 2,724 crore, compared to Rs 1,412 crore in the same quarter last year. The company’s revenue from operations grew by 4.55% to Rs 33,692 crore, up from Rs 32,227 crore in the same period last year.

Last week, Coal India reported a 4.24% year-over-year increase in net profit to Rs 10,943.55 crore and a 1.33% rise in revenue to Rs 36,464.61 crore.

At 3:30 PM, the shares of GAIL Ltd. closed 5.23% lower to Rs 224.60, while Coal India Ltd. plunged by 3.45% to Rs 506.45 on BSE.

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