GAIL''s interim dividend Rs 227.80 crores to Government

Mumbai: Mr Proshanto Banerjee, chairman and managing director of Gas Authority of India (GAIL) presented a cheque of Rs 227.80 crores as interim dividend for the financial year 2003-2004 to the Hon'ble Minister of Petroleum & Natural Gas, Shri Ram Naik at Shashtri Bhawan today. GAIL paid a total dividend amount of Rs 338.26 crores to the shareholders as interim dividend.

The company has declared an interim dividend of 40 percent for the financial year 2003-04, which is an increase of 10 percent from the last financial year. GAIL has paid Rs 1994.47 crore as dividend to Government of India so far. The paid up capital of GAIL is Rs 845.65 crores out of which the Government holds 67.34 percent holdings. The company has paid total dividend of Rs 2679.89 crores to its shareholders so far. GAIL scrip is included in the Nifty i.e. top 50 shares, owing to the increasing interest of investors in the company. The number of GAIL share has crossed 56,000.

GAIL, the gas major, has registered a turnover of Rs 11,775 crores in 2002-03 against Rs 10,553 crores in 2001-2002. Net PAT was Rs 1,639 crore against Rs 1,186 crore in the previous year. Business strategies of the company and the performance have received recognition from the capital market. Market capitalization has crossed Rs 22,900 crores by 31st December 2003. During the calendar year 2003, the sensex rose from a high of 3417 in January to 5921 in December 2003, registering a growth of 73 per cent.

GAIL has announced the setting up of the National Gas Grid at an investment of Rs 20,000 crore. The National Gas Grid will be a nationwide trunk pipeline network spread over more than 8,000 kms. The Company's Dahej Vijaipur pipeline, completed way ahead of schedule, will transport four million standard cubic meters of gas per day (MMSCMD) to the northern states from the country's first Regassified LNG (R-LNG) terminal, set up by Petronet LNG Ltd at Dahej, Gujarat.

GAIL has made its foray into hydrocarbon exploration through its participation in 10 blocks under NELP-1, NELP-2, NELP-4 and 2 farm-in blocks. The company has been formally awarded two onshore blocks in the NELP IV round of bidding by the Government of India. Of the two onshore blocks, one is the Cauvery Basin (CY-ONN-2002/1) and the other is in the Assam Basin (AA-ONN-2002/1). GAIL is also pursuing the areas of Coal Bed Methane and Gas Hydrate for augmenting gas supplies in India.