GAIL to get $100 mn loan from Bank of Tokyo

GAIL to get $100 mn loan from Bank of Tokyo
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First Published: Tue, Dec 06 2011. 06 56 PM IST

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File photo
Updated: Tue, Dec 06 2011. 06 56 PM IST
New Delhi: State-run gas utility GAIL (India) Ltd has tied up a $100 million, five-year, term loan from Bank of Tokyo-Mitsubishi UFJ, the company said on Tuesday.
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GAIL, which said in October it was planning to raise $300 million through overseas borrowing shortly, added in a statement on Tuesday the loan agreement was the first in a series of three tie-ups the company was planning.
GAIL said the loans would be used to partly fund its ongoing expansion and new project requirements of about $9 billion.
GAIL had taken a term loan of $150 million from Bank of Tokyo-Mitsubishi UFJ in June this year.
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First Published: Tue, Dec 06 2011. 06 56 PM IST
More Topics: GAIL | Loan | Bank of Tokyo | Mitsubishi | Project |