GAIL (India) (NSE:GAIL, BOM:532155) has entered into a memorandum of understanding with Petron Scientech to explore jointly setting up a 500,000 tons per annum (KTA) bio-ethylene plant along with its downstream units in India, according to a Thursday filing to the stock exchanges.
After approval from their respective managements, the two companies will form a 50:50 joint venture to jointly undertake feasibility studies to ascertain the technical viability and financial prospects of the project.
Shares of the company were down nearly 1% in recent trade.
Price (INR): â¹234.28, Change: â¹-1.9, Percent Change: -0.79%
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