In a significant move towards fulfilling Prime Minister Narendra Modi's commitment towards overall development of Eastern India and meeting its energy requirements, work is all set to commence on the 2,050 km Jagdishpur - Phulpur - Haldia natural gas pipeline which will serve as the 'Energy Highway' to carry the efficient and environment-friendly fuel to West Bengal, Bihar, Jharkhand and Uttar Pradesh.
The pipeline project, which will connect Eastern India with the national gas grid, was announced by the Prime Minister at a public function in Ranchi.
The pipeline will benefit millions of people in the four states and lead to setting up of City Gas Networks in 17 major cities of the region, i.e, Varanasi, Allahabad, Patna, Gaya, Chhapra, Siwan, Gopalganj, Mujaffarpur, Bettiah, Bhagalpur, Bokaro, Dhanbad, Ranchi, Jamshedpur, Asansol, Durgapur and Kolkata. Thus, residents of these major cities can enjoy the convenience of piped natural gas (PNG) that directly reaches households and the economical compressed natural gas (CNG) for vehicles.
The estimated investment for the Jagdishpur - Phulpur - Haldia pipeline project is about Rs 100 billion. The first phase of the pipeline will have a capacity of 16 MMSCMD which would be augmented to 32 MMSCMD in the second phase.
The fertilizer plants which will benefit from the project include units at Gorakhpur, Barauni, Sindri and Matix Durgapur. In addition, the pipeline will also supply natural gas to Refineries at Barauni and Haldia, steel industries, power plants and other large SME manufacturing units in the region. The pipeline will also boost up agricultural and economic development and generate employment opportunities in the region.
Shares of the company declined Rs 3.65, or 0.84%, to trade at Rs 428.85. The total volume of shares traded was 29,385 at the BSE (11.27 a.m., Monday).