GAIL (India) Plans to Invest INR38 Billion for 700MW Solar Power Projects in India

MT Newswires Live

04/15

State-owned natural gas trader GAIL (India) (NSE:GAIL, BOM:532155) has earmarked an investment of 38 billion Indian rupees in 700 MW solar power projects in the Indian states of Uttar Pradesh and Maharashtra, according to a Wednesday filing to the Indian stock exchanges.

Under the initiative, GAIL will develop a 600 MW solar power project along with a 550 MWh battery energy storage system (BESS) at TUSCO Solar Park Jhansi in Uttar Pradesh. This project will target providing the captive energy requirements of GAIL's petrochemical plant at Pata in the Auraiya district.

The company will also set up a 100 MW solar power project with a 22 MWh BESS in Chhatrapati Sambhaji Nagar district in Maharashtra, to mainly serve the captive requirements of GAIL's PDH-PP plant at Usar in the Raigad district.

GAIL's shares were up nearly 2% in recent trade.

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