Three companies in which the Indian Government holds majority stakes are setting up a 360 billion rupee (about HK$78.3 billion) venture to import liquified natural gas, a spokesman for one of the firms says. The companies are Indian Oil Corporation, Oil & Natural Gas Corp and Gas Authority of India (GAIL). 'The companies have agreed to set up the venture,' GAIL spokesman Vivek Joshi said. 'But the shareholding pattern is yet to be worked out.' However, the government's approval for the venture was still pending, Mr Joshi said.