GAIL signs Rs 20 bn loan agreement with SBI to meet capex requirement

The pact was signed in the presence of GAIL Director (Finance) Subir Purkayastha and SBI General Manager S K Pradhan

Press Trust of India  |  New Delhi 

GAIL India
GAIL India logo | Photo: Wikipedia

State-owned gas utility India on Tuesday said it has borrowed Rs 20 billion loan from (SBI) to meet its general requirement.

The loan is for a 15-year tenure, the company said in a statement without saying what interest rate it would pay on the borrowing.

said it signed with "a rupee term loan agreement of Rs 20 billion having a door-to-door tenure of 15 years. The purpose of the loan is for general of GAIL, mainly in the gas pipeline projects, in the forthcoming years."

The pact was signed in the presence of Director (Finance) and General Manager S K Pradhan.

"During their discussions, GAIL and 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," the statement added.

First Published: Tue, May 01 2018. 16:48 IST