PSU Stock gail share price signs pact to revive petrochemical plant in Mangalore

PSU Stock: Government-owned state elephantine GAIL (India) Limited has announced that its wholly-owned subsidiary GAIL Mangalore Petrochemicals Limited (GMPL), has re-engaged with process licensor INEOS to enactment the revival of its plant.

The renewed collaboration has been formalised done an amendment statement signed here, GAIL said.

"This marks a important measurement towards the revival of GMPL's 1.25 MMTPA Purified Terephthalic Acid (PTA) manufacturing works located astatine the Special Economic Zone (SEZ) successful Mangalore," according to a GAIL statement.

The collaboration marks a pivotal improvement successful the efforts to bring the PTA works backmost into production. The archetypal statement with INEOS was executed by JBF Petrochemicals (JBF), which could not beryllium realized owed to insolvency proceedings.

Following GAIL's acquisition of JBF done the Corporate Insolvency Resolution Process (CIRP) nether the National Company Law Tribunal (NCLT) successful June 2023, the institution is present moving to flooded the bequest challenges and guarantee the plant's palmy on-streaming and semipermanent operational stability.

Speaking connected the occasion, Chairman, GMPL and GAIL Director (HR) Ayush Gupta said, "Through this strategical concern and renewed focus, GAIL aims to presumption GMPL arsenic a cardinal subordinate successful the home PTA marketplace portion supporting the country's maturation successful petrochemical manufacturing."

GAIL Director (Business Development) R. K. Singhal said, "The palmy realisation of this task is expected to person a affirmative interaction by reducing the country's import load and strengthening India's manufacturing capabilities successful the petrochemical sector."
The amended statement with INEOS signed connected Wednesday is expected to heighten the plant's operational efficiency, align accumulation capabilities with marketplace demand, and lend to India's imaginativeness of self-reliance arsenic portion of the Centre's Atmanirbhar Bharat initiative, the institution said.

INEOS Group is simply a planetary shaper of petrochemicals, speciality chemicals and lipid products.

GAIL had registered a 10.2 per cent summation successful nett net astatine Rs 2,693.5 crore during the July-Sept 4th of the existent fiscal year, up from Rs 2,444.05 crore successful the aforesaid play past year.

The company's petrochemical conception returned to profitability during the 4th with an earning of Rs 146.19 crore.