India’s biggest natural gas transporting and marketing company, the Gas Authority of India Limited (GAIL), a government owned entity, is looking to diversify its portfolio. According to a PTI report, the company has sought the approval of its shareholders to amend the charter of the company so that it can start investing in solar power projects, various start-ups, and EV charging infrastructure across the country.
According to PTI, GAIL intends to introduce six new sections in the main objects clause of its memorandum of association of the company, which will enable it to engage in such investments.
“The investment can be made through special purpose vehicle (SPV), alternative investment fund (AIF), fund of funds (FoF) and trust,” according to shareholders in the PTI notice.
GAIL wants to harness the solar power potential available at its various sites and installations which can be connected to the grid for sale or for its own use at other installations through wheeling of power.
In January 2018, GAIL commissioned a 5.76 MW grid-connected rooftop solar project developed under the Domestic Content Requirement (DCR) category. The project was developed on the roof area of GAIL Petrochemical Complex in Pata, Uttar Pradesh. This is the second largest rooftop solar project at a single location in India.
Highlighting the need to provide clean, cost-effective and efficient mobility services, the company has also expressed interest in setting up battery charging stations to provide charging services to electric vehicles.
In a bid to attract more investors into the EV sector of the country, the government recently issued a clarification stating that no license is required to operate EV charging stations in India. This move will make it easy to set up an EV charging infrastructure across the country as there is now no requirement to be a trader of power to construct an EV charging station.
Ankita is an editor at MercomIndia.com where she writes and edits clean energy news stories and features. With years of experience in the news business, Ankita has a nose for news and an eye for detail. Prior to Mercom, Ankita was associated with The Times of India as a copy editor for the organization’s digital news desk. She holds a Bachelor’s degree in Psychology from Delhi University and a Postgraduate Diploma in journalism. More articles from Ankita Rajeshwari.