State gas utility GAIL India today said it will nearly double its Pata petrochemical plant's capacity to 800,000 tons in next few years as part of plans to make it big in the chemical business.
"It is proposed to further augment the (Pata) capacity to 500,000 tons per annum (and) gradually going up to 800,000 tons per annum," GAIL Chairman and Managing Director U D Choubey told company shareholders at the annual general meeting.
The Pata plant in Uttar Pradesh currently has a capacity of 410,000 tons.
While Choubey did not give a time-frame or investments needed for capacity expansion, company officials said the expansion to 500,000 tons may take about a year and the time-frame for 800,000 tons will be decided by the board.
The shareholders approved issue of one bonus share for two equity shares held after raising the authorised share capital to Rs 2,000 crore from Rs 1,000 crore currently.
GAIL is looking to set up a mega petrochemical plant along with a private firm in North Asia and Central Asian states, Choubey said but did not reveal the name of the private firm. Officials however identified the company as Reliance Industries.
The company, he said, will invest Rs 20,000 crore in building new pipelines to transmit 300 million standard cubic meters per day of gas by 2011-12. "Five new trunk pipelines and two capacity augmentation projects are moving forward rapidly."
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