New Delhi:GAIL India Ltd, the nation’s monopoly gas distributor, increased its gas transportation target by 16% for the year starting April, anticipating new production from offshore fields.
The producer plans to transport 94.8 million cubic meters a day of gas in the year, GAIL said in a statement to the Bombay Stock Exchange.
IOC gets nod for merger with Bongaigaon
New Delhi:Indian Oil Corp. Ltd (IOC), the nation’s largest refiner, said it got approval from the government to merge with unit Bongaigaon Refinery and Petrochemicals Ltd.
The merger is effective from Wednesday, IOC said in a statement to the Bombay Stock Exchange. Shareholders of Bongaigaon Refinery will get four shares of IOC for every 37 they hold, according to the statement, as recommended by the board of directors in 2006.