News: GAIL to invest $1.2 bln in petrochem project

(RTR 24/05/2006) Mumbai - State-run gas utility GAIL (India) Ltd. said on Wednesday it would invest Rs 5,460 crore ($1.2 billion) in a petrochemical project in Assam.

The project would produce 220,000 tonnes of ethylene and 60,000 tonnes of propylene, the company said in a statement.

Shares in the company were down 1 per cent at Rs 237 in a weak Mumbai market.