GAIL Seeks Shareowners’ Nod to Make Solar Power Plants

GAIL has sought a nod to play an investor in start-ups and as a developer, in the prolific solar energy market.

In order to diversify its portfolio beyond gas and petrochemicals, India’s largest natural gas processing and distribution company, Gas Authority of India (GAIL) has sought its shareholders’ permission to amplify its work profile beyond the traditional responsibilities.

Significantly, GAIL has sought a nod to play an investor in start-ups and as a developer, in the prolific solar energy market.

Further, the company wants to insert six new sections in the main objects clause of the memorandum of association of the company, according to shareholder notice.

It wants to invest in “start-ups in core business areas (of natural gas, petrochemicals, and energy) and non-core areas (like health, social and environment, safety, and security) either directly or indirectly”. “The investment can be made through special purpose vehicle (SPV), alternative investment fund (AIF), fund of funds (FoF) and trust”, notice to the shareholders said.

Also, the company has posted its share price reach a 21-year high mark amounting Rs. 399.40 per share which is a straight 5.16 percent further boosting investor confidence.

The company also aspires to approach cost effective, clean and efficient modes of mobility in the country. In order to achieve this aim, it has also sought in the permission to develop charging stations for electric vehicles keeping in view the still developing stage of the power storage market of India.

Source: PTI