GAIL says, global meltdown not to hit expansion plans

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New Delhi, Oct 17 (UNI) GAIL India Chairman and Managing Director U D Choubey today said the global financial meltdown will not hit the company's expansion plans, as it has sufficient internal resources to fund the capital requirement.

''We have sufficient internal resources to meet the capital requirement for our expansion plans,'' Mr Choubey said at the 11th Energy Summit organised by Assocham here.

The state-run gas utility has about Rs 30,000 crore expansion plans, which will be put into laying new pipelines, expanding capacity of its petrochemical plant and setting up city gas distribution projects in the country over the next five years.

With a cash reserves of about Rs 15,000 crore, Mr Choubey firmly said projects in pipeline will not be affected in any way.

He added that the company is adding Rs 3,000-4,000 crore cash surplus every year.

UNI SBA MP BD1807

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