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GAIL net up 19% at Rs 1,487 crore in Q3

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Gas utility GAIL on Wednesday posted a net profit of Rs 1,487 crore in the October-December period, up 19% from Rs 1,250 crore in the previous corresponding quarter, on the back of gains from the petrochemical business.

The oil ministry is eyeing the InvIT (Infrastructure Investment Trust) the route to monetise pipelines worth about Rs 6,000 crore built by India’s largest gas utility GAIL, charting a new course for raising funds for the government as the pandemic spooks big-ticket disinvestments such as of Bharat Petroleum.

India’s biggest gas marketing firm GAIL expects the share of spot and short-term liquefied natural gas (LNG) contracts in the nation’s gas consumption to rise after a slump in spot prices has made long-term deals less attractive.

The Supreme Court on Thursday ordered the department of telecommunications (DoT) to reconsider seeking Rs 4 lakh crore in past dues from non-telecom PSUs such as GAIL, saying raising such a demand using its verdict on dues of telecom companies was “totally impermissible”.

Oil minister Dharmendra Pradhan blamed “communication gap” for the department of telecom demanding Rs 3 lakh crore in dues from non-telecom PSUs such as GAIL, Oil India Ltd and PowerGrid and said these companies do not owe anything to the govt on this count. “We feel there should be no impact (of the Oct 24, … Continue reading Non-telecom PSUs have no dues: Dharmendra Pradhan