GAIL India witnessed a significant uptick in its share price during early trade on November 2, following the company’s announcement of a groundbreaking agreement with Bharat Petroleum Corporation Limited (BPCL).
The agreement entails a 15-year supply of propane, a vital component for GAIL’s upcoming petrochemical plant in Maharashtra, with the contract estimated to be valued at over Rs 63,000 crore.
Under this strategic partnership, GAIL will procure 600 KTPA (thousand metric tonnes per annum) of Propane from BPCL’s LPG import facility located at Uran.
Notably, this facility is presently equipped to handle 1 MMTPA of LPG imports and is undergoing expansion to accommodate 3 MMTPA of propane and butane imports, enhancing its capacity significantly.
As of 12:20 pm, GAIL’s shares demonstrated a robust surge, trading 2.72% higher at ₹120.80.
