On 1st February, 2013 we added another feather to our steadily growing plumage of achievements. We were awarded with the Maharatna status by the Government, making us the youngest ever Public Sector Undertaking to receive this recognition.
Dr. M. Veerappa Moily, Hon’ble Minister for Petroleum and Natural Gas, announced this happy news, congratulating us heartily on achieving this status. Our Chairman and Managing Director, Shri B. C. Tripathi spoke of the recognition as a “momentous occasion for GAIL”. He expressed his zeal by assuring that the entire GAIL team would consistently work with renewed dedication and vigor to ensure energy security of the country and spread the benefits of wealth creation to the society at large.
The Maharatna status will provide us greater flexibility in day to day operations. The Board of a Maharatna company has enhanced powers to accord approvals, to make equity investment , to establish financial JVs and wholly owned subsidiaries and undertake mergers and acquisitions (M&As) in India or abroad.
On the heels of this development, on 2nd Febrauary 2013, we signed an MoU with EDF Trading, a leader in International wholesale energy market. Signed in the presence of Dr. M. Veerappa Moily, Hon’ble Minister of Petroleum and Natural Gas in U.S.A, this MoU would assist us in jointly acquiring and developing upstream oil and gas assets in North America and to partner in trading and optimization of US gas and LNG.
This is yet again a commitment from our end in securing the growing energy demand in India.