GAIL Gas, a wholly owned subsidiary of GAIL (India) and Uttar Pradesh State Industrial Development Corporation (UPSIDC) have signed memorandum of understanding (MoU) to expand the natural gas downstream distribution network in the state of Uttar Pradesh.

This MoU will lay the foundation for building up natural gas infrastructure for fulfilling the demand of Natural Gas, setting up CNG stations along the highway corridor and distribution of gas to various industrial clusters and parks in Uttar Pradesh.

The investment envisaged for developing this CGD project is about Rs 1.4 billion, it said.
 
Shares of the company gained Rs 2.5, or 0.58%, to settle at Rs 432.25. The total volume of shares traded was 129,539 at the BSE (Thursday).