PNGRB clears GSPL grid proj

Gujarat State Petronet (GSPL) received authorisation from the gas regulator Petrol­eum and Natural Gas Regulatory Board (PNGRB) to lay 4,000 km long pipelines on thr­ee routes at an investment of Rs 12,500 crore. As per the te­rms of the LoI issued in May, GSPL has proceeded for bank guarantee and agreed to comm­i­ssion three cross country gas pi­peline projects within 36 mon­ths. PNGRB sought per­for­mance bond worth Rs 60 crore from GSPL. GSPC and IOC co­ntrol 52 per cent and 26 per cent respectively while refining and retail majors BPCL and HPCL have 11 per cent stake each in the project that has been hanging fire since four years.