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Coal India Ltd (CIL) announced on Monday that it has signed a joint venture agreement with GAIL (India) Ltd to establish a coal-to-synthetic natural gas project in West Bengal. Under the agreement, CIL will hold a 51 percent stake, while GAIL, the largest gas transportation and distribution company in India, will own 49 percent.
The joint venture, set to be incorporated as a private limited company, will have an initial paid-up share capital of ?1 lakh. The registered office will be based in West Bengal, and both CIL and GAIL will have the right to appoint three executives each as directors of the new entity.
This partnership follows earlier approval from the Cabinet Committee on Economic Affairs for two major projects: the coal-to-synthetic natural gas project and a coal-to-ammonium nitrate project involving CIL and BHEL. CIL is also planning to establish two coal gasification plants as part of its strategy to meet the 100 million tonnes coal gasification target by 2030.
CIL, which supplies over 80 percent of Indias domestic coal, continues to expand its role in the energy sector through strategic ventures and projects. |
