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GAIL (India) Ltd, a state-run enterprise, has entered into a 15-year agreement with Bharat Petroleum Corporation limited (BPCL) to supply propane for its upcoming petrochemical facility in Usar, Maharashtra. The deal, valued at over Rs 63,000 crore, involves GAIL sourcing 600 KTPA of propane from BPCL?s LPG import unit at Uran. Currently, the unit has a capacity of 1 million metric tonnes per annum (MMTPA) and is expanding to handle 3 MMTPA of propane and butane imports.
GAIL's pioneering Usar-based propane dehydrogenation unit, slated to commence operations in 2025, will have a nameplate capacity of 500 KTPA. This unit will seamlessly integrate propylene production into a polypropylene plant of equal capacity, marking the nation's first such endeavour. The project aligns with the surging polypropylene demand, expected to reach 6.3 million tonnes by 2025, as per GAIL's statement.
This venture forms a crucial part of GAIL's diversification strategy, as outlined in its FY23 annual report. The company's strategic outlook focuses on enhancing profitability and market reach through new business initiatives. GAIL had recently acquired JBF Petrochemicals Ltd, a private-sector chemical company, which has now been renamed GAIL Mangalore Petrochemicals Ltd.
In terms of financial performance, GAIL reported revenue from operations of Rs 31,823 crore for the quarter ended September, slightly lower than Rs 32,227 crore in Q1 FY24. However, the net profit showed a significant 70% sequential increase, reaching Rs 2,405 crore in Q2 FY24. Sandeep Kumar Gupta, Chairman and Managing Director of GAIL, mentioned that the performance during the quarter was impacted by lower realisation in polymers and LPG. He expressed optimism, expecting improvement in these sectors going forward. Additionally, the company invested around Rs 4,853 crore in the first half of the fiscal year, primarily in pipelines, petrochemicals, and equity to joint ventures.
Source: Mint
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INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
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