GAIL (India), India's leading natural gas company witnessed a rise in share price on Friday after it announced that along with state gas companies of Turkmenistan, Afghanistan and Pakistan have established a company that will build, own and operate the planned 1,800-kilometer Turkmenistan-Afghanistan-Pakistan-India (TAPI) natural gas pipeline.

State Concern ''Turkmengas'', Afghan Gas Enterprise, Inter State Gas Systems (Private) and GAIL will own equal shares of the company, TAPI Pipeline Company (TPCL). The company has been incorporated as a special purpose vehicle in the Isle of Man, a British Crown dependency, located in the Irish Sea. This SPV would be responsible for finance, design, construction, operation and maintenance of the TAPI pipeline.

Shares of the company are trading at Rs 489.95, up Rs 12.8, or 2.68% at the Bombay Stock Exchange (BSE) on Friday at 12:13 p.m.

The scrip has touched an intra-day high of Rs 491 and low of Rs 472.40. The total volume of shares traded at the BSE is 268,544.