The Kerala State Industrial Development Corporation (KSIDC), the state?s arm for industrial and investment promotion, has signed a shareholders/promoters agreement with GAIL Gas for setting up a R1,000 crore gas-based infrastructure project. The agreement was signed in the presence of Kerala chief minister Oommen Chandy by KSID C MD Alkesh Sharma and M Ravindran, CEO, Gail Gas, on Friday. KSIDC will have 24% equity in the company and GAIL Gas will have 26% in the company. The balance will be held by a strategic investor.
The new company Kerala Gail Gas will take up City Gas Distribution , laying spur lines (providing last mile connectivity) for various locations, CNG stations, Skill Development Centre, Gas Equipment Retailing, Distributed Power Generation, OFC Cable Infrastructure etc..
KSIDC has been engaged in developing a Supplementary Gas Infrastructure and City Gas Distribution by developing spur lines from GAIL?s Gas Trunk Pipeline network and various gas-based infrastructure projects.