GAIL (India) Limited and State Bank of India signed a Rupee Term Loan Agreement of Rs 2,000 crores having a door to door tenure of 15 years. The purpose of the loan is for general capital expenditure of GAIL, mainly in the gas pipeline projects, in the forthcoming years.
The agreement was signed here in the presence of Subir Purkayastha, Director (Finance) GAIL, S.K. Pradhan, General Manager, SBI and A.K. Tiwari, ED (Finance), GAIL. During their discussions, GAIL and SBI officials said that the Loan Agreement is an important milestone in the mutually beneficial relationship that the two organisations share in their path of growth.