GAIL ties up funds for Assam project

NEW DELHI: State-run GAIL on Thursday said it had tied up funds for a major petrochemical project in Assam being set up by its subsidiary. The
gas utility, which holds 70% stake in Brahmaputra Cracker Private Limited (BCPL), has tied up Rs 1,756 crore debt from a consortium of seven banks led by Punjab National Bank, company chairman B C Tripathi said. Tripathi said the project, estimated to cost Rs 5,461 crore, will be completed by April 2012.

A K Purwaha, who was director (business development) in state-run gas utility GAIL, on Thursday took over as the chairman of engineering consulting firn Engineers India Ltd.