GAIL To Make investments Rs 6,000 Crore In Renewable Power Sector In Subsequent 3 Years

GAIL To Invest Rs 6,000 Crore In Renewable Energy Sector In Next 3 Years

GAIL plans to take a position Rs 6,000 crore in subsequent three years in renewable power sector

Mumbai:

State-owned Gasoline Authority of India Restricted (GAIL) will make investments Rs 6,000 crore within the subsequent three years in renewables, a high official mentioned on Monday.

The funding can go up by a further Rs 20,000 crore by 2030, GAIL India chairman and managing director Manoj Jain instructed reporters right here.

GAIL’s Director (Finance) Rakesh Kumar Jain mentioned the corporate, which reported a 112 per cent leap in 2021-22 post-tax internet revenue at Rs 10,364 crore, has outlined an total capital expenditure plan of as much as Rs 40,000 crore within the subsequent 5 years, which is able to cowl a wide selection of areas.

It will entail borrowings of as much as Rs 20,000 crore, whereas the remaining will come from inner accruals, the director added. Its chairman mentioned it’s taking a look at virtually 3 GW of renewables capability by 2030, which is able to embrace 1 GW to begin throughout the subsequent three years.

The corporate is endeavor a liquid hydrogen capability addition proper now and the progress accomplished on the prototype will affect its total investments, Manoj Jain mentioned, including {that a} name on the identical can be taken after 18 months.

Giving particulars on the identical, Mr Jain mentioned it’s within the means of procuring a ten MW facility for liquid hydrogen, which is slated to be the biggest within the nation and is looking out for the electrolyser.

In 2021-22, it invested Rs 7,700 crore throughout all actions, which included pipelines for the core transmission enterprise and petrochemicals, he added.

In the meantime, the chairman mentioned GAIL is awaiting a nod from the Authorities on its asset monetization proposals and added that it expects to monetise as much as Rs 4,000 crore of property in 2022-23.

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