By IANS
New Delhi : State-owned gas marketer Gail India Ltd will now include an integrity pact in tender documents to ensure better transparency, the company said Wednesday.
Integrity pact is a tool designed by international voluntary organisation Transparency International to fight corruption in public procurement.
The decision comes at a time when GAIL has projects worth Rs.145 billion ($3.7 billion) lined up for bidding.
“The company has embarked upon a course to implement the ‘integrity pact’ in all its major procurement as a corporate governance initiative under the memorandum of understanding (MoU) signed with Transparency International India,” GAIL said in a statement issued Wednesday.
“he integrity pact, an important tool for corporate governance, will also guard the guardians,” GAIL Chairman U.D. Choubey said.
“A.K. Kundra, former secretary, government of India, former petroleum secretary S.C. Tripathi, and former Chairman of Bharat Petroleum Corp Ltd U. Sundarajan have been nominated as independent external monitors,” the statement said.