Gail India Press Release

Gail India Ltd has issued the following Press Release:

"Predictive, preventive rather than punitive vigilance was the theme that emerged at the launch of Vigilance Awareness Week at GAIL today.

Speaking on the occasion, Dr. U D Choubey said that in today's world of liberalization, globalization and emphasis on sound corporate governance, evidence of transparent and fair systems were of considerable value in the marketplace. He cited the example of the MoU signed by GAIL with Transparency International India and the image of good governance it provided. Vigilance, he said could provide valuable guidance in the matter of good systems. He also added that GAIL was the first Company to have an e-tendering system. GAIL also regularly conducts customer interaction programmes during the Vigilance Awareness Week, which is attended by the Chief Vigilance Officer along with GAIL management to ensure transparency and fairness in dealing with customers.

The view also found a place in the welcome remarks of Mr. Arvind Jadhav, Chief Vigilance Officer. He called for a holistic approach to Vigilance in the day to day working of the organization and its various departments and greater emphasis on the preventive and predictive aspects.

Presenting his views on the occasion, Shri. M R Hingnikar, Director (HR) said, "Vigilance Department plays the role of a third eye in the organization and makes us more accountable for spending public money." He said that if the preventive and predictive vigilance are to work together, it will give more reliability to the organization in evolving a dynamic work culture.

A need to review systems and processes to bring about a convergence between the needs of speed in commercial dealings without losing emphasis on values and ethics was also highlighted by Shri. Santosh Kumar, Director (Projects) and Shri. A K Purwaha, Director (BD).

GAIL (India) Ltd has drawn up a growth strategy which shall steer it to revenues of Rs 50,000 Crore plus by 2011 from a revenue of Rs 16,047 crore in the year 2006-07. GAIL is moving ahead in a time bound manner to complete the 8 new gas pipelines in two phases, targeting 100% completion by 2011. These will form part of an integrated gas grid in the country. The new pipelines are expected to increase GAIL's Natural Gas Transmission capacity to around 300 MMSCMD and almost double GAIL's existing trunk pipeline network to nearly 12,000 Km. GAIL has recently approached the Government with firm plans for granting approval to pursue city gas projects in 230 cities across the country. In the area of Petrochemicals also, GAIL proposes to add significant capacities through new plants in partnership with public / private sector, both in India and abroad. One of these, the Brahmaputra Cracker and Polymer Ltd in Assam, has been formed as a subsidiary of GAIL with 70% equity stake. GAIL is also expanding the capacity of the Pata Petrochemical plant to 410,000 TPA from the present 310,000 TPA."