Gas Authority of India (GAIL) is in talks with state-run as well as private sector oil companies including ONGC, Oil India, HPCL, Reliance Industries and Essar Oil, to setup a special purpose vehicle (SPV).

The company is setting up this SPV with the aim to build up an integrated refinery as well as petrochemicals facility in India and international markets.

The sources informed that the new move comes after the company’s failure to build a similar energy venture at Vizag in cooperation with HPCL, Oil India, Mittal Energy and French oil conglomerate Total.

Stock of GAIL (India) Ltd settled on Friday in green at Rs 370 up 0.82% on Bombay Stock Exchange (BSE). The total volume of shares traded was 263,875 on BSE (Friday).