NECC bags order from GAIL, Worth Rs.52 crore

by Psu Connect
Date: 09-12-23

The main objective is to transport goods and freight goods to domestic places and some neighbouring countries too.

NECC bags order from GAIL, Worth Rs.52 crore

New Delhi: North eastern carrying corporation limited has bagged an order worth Rs. 52.48 crore from GAIL via bidding process to transport polymer. NECC is a logistics company situated in New Delhi. It is a leading public limited Indian Non-government Company incorporated in India on 05 December 1984.

As per the company it has accepted the letter of acceptance from the top central public sector undertaking GAIL India limited for transport of polymer under a contract value of Rs. 52.48 crores for a period of 3 years.

The main objective is to transport goods and freight goods to domestic places and some neighbouring countries too. As it is among the leading freight forwarding companies in india which provides services in Bhutan and Nepal as well.

NECC in recent report presented in BSE filing states that, "The contract shall be valid for a period of 03 (three) years from the date of commencement of work. However, Gail reserves the right to extend the contract for a further period of six months on the same terms and conditions or terminate the contract at any time by giving seven days notice without assigning any reason thereof."

GAIL is a central public sector undertaking under the ownership of the ministry of petroleum and natural gas , government of india. It owns and operates around 13722 km of natural gas pipeline and currently executing around 6000km of pipeline project of its own and about 2000 km through two JVs, as a part of the National Gas Grid .

The annual revenue as per reported of GAIL, stood at Rs. 144302 crores in FY23 as against Rs. 91646 crores in FY22.