GSPL-led JVs tie up Rs13,704-cr for 3 cross-country gas pipeline projects

Gujarat State Petronet Ltd (GSPL) and its joint venture partners have successfully raised RsRs9,596 crore from two consortia of banks for three pipeline projects.

GSPL and its partners have also raised Rs4,108 crore through equity infusion, thereby achieving financial closure of three cross-country gas pipeline projects.

With this, GSPL-led joint venture has secured financial closure for three cross-country pipeline projects involving a total investment of about Rs13,700 crore in which the three PSU oil giants - IOC, BPCL and HPCL - are partners, GSPL said in a filing with the Bombay Stock Exchange (BSE).

GSPL India Transco Limited, a joint venture company of  Gujarat State Petronet Ltd, has entered into an agreement with a consortium of 14 banks for syndicated loan of Rs5,080 crore.

The loan so raised will be used for financing its upcoming Mallavaram - Bhopal - Bhilwara - Vijaipur gas pipeline project, the company said in its filing.

Another joint venture company of GSPL, namely, GSPL India Gasnet Limited, has entered into an agreement with a consortium of 12 banks for a syndicated loan of Rs4,516 crore to finance its Mehsana - Bhatinda - Jammu - Srinagar pipeline project.