Kerala GAIL Gas Limited
A Joint venture between GAIL Gas Limited and Kerala State Industrial Development Corporation was incorporated on 22nd November, 2011 with an objective to promote city gas distribution activities throughout Kerala State. The company intends to supply environment friendly, economical and convenient fuel compressed natural gas (CNG) to vehicles and piped natural gas (PNG) to households, commercial establishments and industries.
The Company has will have an initial authorized share capital of Rs. 10 Crore. GAIL Gas Limited will hold 26 per cent equity in the company while KSIDC will have 24 per cent. The balance 50 per cent equity has been kept for strategic partners, financial institutions (Indian or international) and non-Government companies. Kerala GAIL Gas will be initially a government Company, till funds are acquired from its strategic partners.
Signing of Shareholder’s Agreement
GAIL Gas Limited and Kerala State Industrial Development Corporation (KSIDC) had signed a share holder’s agreement (SHA) on 2nd September, 2011, in the presence of Hon’ble Chief Minister Shri Oommen Chandy and GAIL Chairman and Managing Director Shri B. C. Tripathi to set up a joint venture Kerala GAIL Gas Limited to pursue city gas distribution opportunities in the state.
First Board Meeting
The First Board Meeting of Kerala GAIL Gas Limited took place in Kochi on 3rd December, 2011. The Promoter Company GAIL Gas Limited released its equity contribution of Rs 2.60 Lakhs and on behalf of its initial paid –up capital of the Kerala GAIL Gas. Shri Alkesh Kumar Sharma, IAS, MD, KSIDC, Shri T.P. Thomas Kutty, Executive Director, KSIDC, Shri J. Wason, CEO, GAIL Gas, Shri Akshay Kumar Singh, Zonal GM, Bangalore and many other officers of GAIL Gas and KSIDC were present in the Meeting.