Cabinet approves formation of TAPI Ltd for pipeline project
The Cabinet on Thursday, while giving its nod for formation of a special purpose vehicle (SPV) called TAPI Ltd for the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project, allowed GAIL (India) to join it.
According to an official statement, TAPI Ltd is required to have an initial contribution of $20 million, which is $5 million from an identified entity from each of the four participating countries. GAIL being a Navratna company is empowered to make an investment of this level for India, it said.
GAIL has agreed to make an investment of up to $5 million in the proposed SPV.