GAIL raising Rs 7,000 crore to double pipeline network by 2011

Mumbai: Gas Authority of India Ltd (GAIL) plans to raise up to Rs 7,000 crore ($1.72 billion) from domestic and foreign markets to double its pipeline network by 2011.

The expansion of the pipeline to 12,000 km will cost Rs 20,000 crore, said the company's director (finance), R Goel,  speaking on the gas distribution projects in China and India.

GAIL, he said, will soon form a 50:50 joint venture in Bermuda.

To fund expansion plans, GAIL may also go for selling a part of its stakes in Oil and Natural Gas Corporation (ONGC) and China Gas Holding Ltd, he said.