President of India-Backed Company Approves Rs 3,800 Crore Solar Investment; Share Price Jumps Nearly 2%
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GAIL approves Rs 3,800 crore to set up 700 MW solar projects with BESS in Uttar Pradesh and Maharashtra to power captive plants.
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On Wednesday, Indian markets traded on a strong note, with the Nifty 50 rising 1.56 per cent to Rs 24,215.35 as of 10:40 AM, up 372.70 points from the previous close of 23,842. Amid this, GAIL's share price was trading at Rs 156.55, up 1.85 per cent from the previous close of Rs 152, following the company’s announcement of a major renewable energy investment.
GAIL Approves Rs 3,800 Crore Investment in Solar Projects
GAIL has approved an investment of Rs 3,800 crore to develop 700 MW of solar power capacity across Uttar Pradesh and Maharashtra, as part of its strategy to expand its renewable energy portfolio and progress towards its net-zero targets.
The company will develop a 600 MW solar power project along with a 550 MWh Battery Energy Storage System (BESS) at TUSCO Solar Park in Jhansi, Uttar Pradesh. The project will primarily cater to the captive energy requirements of GAIL’s petrochemical plant at Pata in Auraiya district.
In Maharashtra, GAIL will set up a 100 MW solar power facility integrated with a 22 MWh BESS in Chhatrapati Sambhaji Nagar district. This project will serve the captive energy needs of the company’s upcoming PDH-PP plant at Usar in Raigad district.
GAIL Focus on Round-the-Clock Renewable Energy
The integration of battery energy storage systems is expected to help address intermittency challenges associated with solar power and enable a round-the-clock renewable energy supply for industrial operations. The projects mark a key step in strengthening GAIL’s clean energy portfolio.
Upon commissioning, GAIL’s installed renewable energy capacity is expected to increase to over 1,000 MW from the current 147 MW, reflecting a significant scale-up in green energy capacity.
GAIL Management Commentary
Speaking on the occasion, Shri Deepak Gupta, Chairman & Managing Director, said, “GAIL’s installed renewable energy capacity shall increase substantially to over 1,000 MW from the current 147 MW upon commissioning of these projects.” He further emphasised that this expansion underscores GAIL’s strategic vision of aligning its growth trajectory with environmental responsibility while ensuring long-term energy security.
About GAIL
GAIL (India) Limited is an integrated natural gas company with a strong presence across gas transmission, marketing, petrochemicals, LPG, and exploration & production. The company operates a natural gas pipeline network of around 16,421 km and an LPG pipeline network of approximately 2,040 km.
In FY 2024-25, the company reported revenue from operations of Rs 1,37,288 crore, profit before Tax of Rs 14,825 crore, and profit after tax of Rs 11,312 crore, reflecting its strong position in India’s energy sector.
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Disclaimer: The article is for informational purposes only and not investment advice.