GAIL to set up subsidiary for gas distribution,CNG corridor business

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New Delhi, Mar 11 (UNI) GAIL (India) Limited today said it will set up a subsidiary company for city gas distribution and CNG corridor business with initial investment of Rs 500 crores.

The investment will be arranged in the form of Rs 200 crores as equity and Rs 300 crores as debt.

''The subsidiary company will take distribution and marketing of CNG as fuel for vehicles, piped natural gas for commercial and domestic purpose and fuel for transport vehicles in India and abroad,'' said Dr U D Choubey, CMD, GAIL.

The company has raised its authorised capital of Rs 20 billion and decided to mull over bonus issue in two-three months.

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