Logistics firm NECC bags order worth Rs 52 crore from state-run GAIL

NEW DELHI : Transport and logistics company North Eastern Carrying Corporation Ltd (NECC) has bagged an order from the state-run Gas Authority of India (GAIL India Ltd). The company said in a regulatory filing that the order is worth Rs 52.48 crores.

“We hereby inform you that we have got the letter of Acceptance from the Top Central Public Sector Undertaking under the Ministry of Petroleum and Natural Gas, Government of India, GAIL (India) Limited for transportation of polymer under a contract value of Rs. 52.48 crores for a period of 3 years,” the company said.

Recently, the company entered into a memorandum of understanding (MoU) with SG Logistic Management Pvt Ltd to invest up to Rs 20 crore in the same and acquire up to 20 per cent of shares/ other securities therein. SG Logistic Management is a part of SG Group, which is in the logistics industry.

Meanwhile, Gail India said it has initiated legal proceedings against a former unit of Russian energy giant Gazprom for non-delivery of LNG and has sought USD 1.817 billion in damages.

In a stock exchange filing, the gas utility said it has filed an arbitration claim before the London Court of International Arbitration for “non-supply of LNG cargoes under long-term contract.” GAIL in 2012 signed a 20-year deal to buy as much as 2.85 million tonnes per annum of liquefied natural gas (LNG) with Russian energy giant Gazprom.

The deal was signed with Gazprom Marketing and Singapore (GMTS), which at the time was a unit of Gazprom Germania, now called Sefe. The Russian parent gave up ownership of Sefe after Western sanctions were imposed on Moscow over its invasion of Ukraine last year.

Sefe had stopped supplying LNG to the Indian company in June last year to meet its own demand, PTI reported.