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Natural gas group GAIL (India) Ltd aims to spend 80 billion rupees ($1.8 billion) in the current fiscal year, the bulk of it on expanding its pipeline network, its chairman said."Last fiscal (year) we added 800 kilometres of pipeline and this year we will add 1,200 kilometres," B.C. Tripathi, chairman of state-run GAIL, said on Monday as the group reported a 45 percent rise in quarterly net profit.GAIL already has 7,200 kilometres of natural gas pipelines with capacity of 148 million cubic metres a day (mmscmd). It aims to add 8,200 kilometers by March 2014, said R. K. Goel, head of finance.Tripathi said GAIL would borrow 35 billion rupees to meet its funding needs in the current fiscal year."We aim to raise 5 billion rupees in local currency bonds, with a greenshoe option of 50 percent. Another $150 million will be raised in foreign currency bonds," Goel said.GAIL, which owns 70 percent of India's gas pipeline infrastructure, plans to invest 353.46 billion rupees by March 2014, including borrowings of 200 billion.India's gas output grew nearly 45 percent to 47.57 billion cubic meters in the year ended March 31 as Reliance Industries began pumping gas from its D6 block off India's east coast. But pipeline constraints have curbed gas supplies to potential clients.Last month Reliance Industries Executive Director P. M. S. Prasad listed a lack of pipeline infrastructure as one of the reasons for not stepping up gas output.(Reporting by Nidhi Verma; Editing by Surojit Gupta and David Holmes)
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