The GAIL-BPCL JV beat out a Mahanagar Gas Ltd (MGL) bid.
In a joint communiqué the two firms said, “The Pune natural gas project will be constructed over two phases. The first phase, set to take three years, includes establishing the necessary infrastructure for supplying gas to customers. The second phase, due to take six to ten years, [revolves] around the actual supply of the gas.”
“Petronet LNG has already been secured as a supplier for the project, providing 0.4 MMBTU initially, which will be expanded as demand grows to an expected 3 MMBTU,” added the statement.
Each partner in the JV will hold a 22.5% stake in the project, with 5% going to the state government. The balance is to be held by “financial institutions and other interested organisations, including MGL”.
