Coal India, GAIL Ltd announces JV for Coal to Synthetic Natural Gas Project
CIL and GAIL each shall have the right to nominate three executives as Directors of JVC.
Coal Maharatna PSU Coal India Ltd has announced the JV Agreement between Coal India Limited and GAIL (India) Limited for setting up of Coal to Synthetic Natural Gas (SNG) Project.
The Company has signed a Joint Venture Agreement (JVA) with GAIL on the date to agree to Set up the Coal to Synthetic Natural Gas (SNG) plant at Eastern Coalfield Limited (ECL), Bardhaman, West Bengal.
The respective shareholding proportion is CIL: GAIL - 51%: 49%.
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The Joint Venture Company shall be incorporated as a “Private Limited” Company Initial paid-up share capital of Rs 1,00,000 (INR One Lakh. The authorized share capital of the JVC shall be Rs 11,00,00,000/-(Eleven crores) comprising of 1,10,00,000 Equity Shares at Rs. 10/- each. The registered office of the JVC shall be situated in the state of West Bengal, India.
CIL and GAIL each shall have the right to nominate three executives as Directors of JVC. Both companies are Public Sector Enterprises with good market capital value.
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