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GAIL (India) Ltd (Erstwhile Gas Authority of India Ltd), India's principal gas transmission and marketing company, was set up by the Government of India in August 1984 to create gas sector infrastructure for sustained development of gas market in the country. Today GAIL has expanded into Gas Processing, Petrochemicals, Liquefied Petroleum Gas Transmission and Telecommunications. The company has also extended its presence in Power, Liquefied Natural Gas re-gasification, City Gas Distribution and Exploration & Production through equity and joint ventures participations. GAIL is rated among the top 10 Indian companies in terms of profits and revenue according to October 2003 ET 500, a list of top 500 companies in India compiled by the Economic Times daily. Net financial turnover (excluding ED) for the year 2003-04 was Rs 11942 Crores (US $ 2.6 Billion) and net profit was Rs 1869 Crores (US $ 4.6 Million).
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