The CBI conducted a search at the residence of the senior executive director, K B Singh, located at B-86, 1st Floor, Sector 72, Noida-201301. The investigation has been carried out under various sections of the Prevention of Corruption Act, 1988 (as amended in 2018), and section 120-B of the Indian Penal Code.No quantifiable impact on the financial, operational, or other activities of GAIL (India) can be determined at this stage.The arrest was made on 5 September 2023. As reported in the CBI arrest cum search memo, several individuals have been implicated, including K B Singh, executive director (ER & projects), GAIL; Surendra Kumar Sharma, CEO of Advance Infrastructures.; Harsh Yadav; Suryavesh; Davinder Singh, CGM, GAIL; Sunil Kumar, Sr. GM, Mecon, along with other unidentified public servants and private persons.The CBI has alleged that K.B. Singh, the executive director of GAIL, accepted a bribe amounting to Rs 50 lakhs from Surendra Kumar Singh at his residence on 4 September 2023.The incident has been duly reported to the appropriate authorities. State-owned GAIL (India) is one of the largest petrochemical players of country. The Government of India held 51.91% stake in GAIL (India) as on June 2023. The companys consolidated net profit fell 44.85% to Rs 1,792.99 crore on 13.48% decrease in net revenue from operations of Rs 32,788.63 crore in Q1 June 2023 over Q1 June 2022. The stock rose 0.65% to Rs 123.45 on 5 September 2023.
The Board of GAIL (India) at its meeting held on 26 August 2023 the Gurdaspur Jammu Natural Gas Pipeline project entailing an investment of Rs 521.92 crore. The project will add capacity of 2.66 MMSCMD and is expected to be completed in 3 years.
The deal would be part of GAIL's plans to lock in new supply contracts by 2030 to diversify its gas imports and hedge against supply disruptions like those seen after Russia's invasion of Ukraine last year, when LNG prices surged to a record high.