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GAIL India to invest Rs. 6,000 cr on renewables

BNE ADMIN


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Guwahati: State-owned Gail India will invest Rs. 6,000 crores in the next three years in renewables, according to media reports.

GAIL India's Chairman and MD, Mr. Manoj Jain, claimed that the investment might increase by Rs 20,000 crore by 2030.

GAIL India Director (Finance) Rakesh Kumar Jain stated that the business, which recorded a 112 percent increase in FY22 post-tax net profit to 10,364 crore, has established a five-year capital investment plan of up to 40,000 crore.

This will necessitate borrowings of up to 20,000 crores, with the remainder coming from internal accruals, according to the director. Its chairman stated that it plans to build about 3 GW of renewable energy capacity by 2030, with 1 GW beginning within the next three years.

The firm is now expanding its liquid hydrogen capacity, and the progress made on the prototype will impact its overall investments, according to Mr. Manoj Jain, who added that a decision on the matter would be made in 18 months. Mr. Jain further, said that the company is in the process of obtaining a 10 MW liquid hydrogen plant, which would be the largest in the country, and is looking for an electrolyzer.

He noted that in FY22, it spent Rs 7,700 crore across all businesses, including pipelines for the main transmission sector and petrochemicals.

Meanwhile, the chairman stated that GAIL is seeking government approval on its asset-monetisation proposals and that the company aims to monetize up to 4,000 crore of assets in FY23. Mr. Jain noted that its exploration and production efforts will be restricted to an asset being pursued in neighbouring Myanmar, where it is investing money.

BNE ADMIN